US stock futures steady after Nasdaq hits record high; Fed cut hopes in focus

U.S. stock index futures were little changed on Monday evening after Wall Street closed higher in the regular session, with the Nasdaq hitting a fresh record high amid optimism around a potential Federal Reserve rate cut next week.

S&P 500 Futures inched 0.1% higher to 6,510.25 points, while Nasdaq 100 Futures were largely unchanged at 23,810.0 points by 20:07 ET (00:07 GMT). Dow Jones Futures ticked up 0.1% to 45,618.0 points.

Nasdaq hits record high on Broadcom gains; Fed cut bets in focus

In the regular trading session on Friday, the S&P 500 gained 0.2%, while the Dow Jones Industrial Average closed 0.3% higher.

The NASDAQ Composite advanced 0.5% on Monday, reaching a fresh record closing high.

Gains in semiconductor stocks, led by Broadcom Inc (NASDAQ:AVGO) after it announced stronger-than-expected earnings last week, powered the rally and underscored investor enthusiasm for the sector.

The upbeat market tone came as expectations grew that the Fed would begin cutting interest rates at its September meeting, following weak U.S. jobs data that pointed to a cooling labor market.

Nonfarm payrolls increased by just 22,000 in August, well below forecasts, while the unemployment rate rose to 4.3 percent, its highest in over a year.

Money market traders now fully see a chance that the Fed will lower rates by at least 25 basis points next week, according to CME’s FedWatch tool. Odds of a more aggressive 50 basis point cut have also risen.

Attention is now turning to Thursday’s consumer price index report for August, which could be critical in determining how aggressive the Fed can be in easing policy.

The print is expected to reflect some of the inflationary effects of Trump’s tariffs, given that a bulk of them took effect last month.

Producer price index inflation data is also due on Thursday.

Gamestop, Oracle earnings, Apple event ahead

GameStop Corp (NYSE:GME) is set to report its fiscal second-quarter results after the market close on Tuesday, following a nearly 26% drop in its stock year-to-date.

Oracle Corporation (NYSE:ORCL) will also release its first-quarter fiscal 2026 earnings after markets close on Tuesday.

Meanwhile, Apple Inc (NASDAQ:AAPL) will be hosting its much-anticipated “Awe Dropping” fall event Sept. 9 at Apple Park in Cupertino.

The company is expected to unveil the iPhone 17 series, including a razor-thin “Air” variant, alongside updates across the Apple Watch line and a third-generation AirPods Pro.