Wall set for another month of gains as futures hold steady
- Date: 31-Aug-2021
- Source: Zawya
- Sector:Financial Markets
- Country:Middle East
Wall set for another month of gains as futures hold steady
U.S. stocks futures held steady on Tuesday, putting the main indexes on course to end August on a firm footing, as investors shrugged off risks around rising coronavirus infections on hopes that the Federal Reserve's dovish stance would support economic growth. The benchmark S&P 500 is set for its seventh consecutive month of gains after Fed Chair Jerome Powell last week sounded a cautious note on tapering its massive asset purchases. The indexes closed at record levels on Monday, bolstered by large technology stocks, which generally perform well in a low-interest rate environment. Heavyweights Apple Inc, Microsoft Corp, Amazon.com, Google-owner Alphabet Inc were trading marginally lower in premarket trading on Tuesday. Zoom Video Communications Inc tumbled 11.7% as it signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom. Oil majors Chevron Corp, Exxon Mobil and Schlumberger slipped around 0.2%, tracking weaker oil prices ahead of a meeting by OPEC and allies amid U.S. calls to pump more crude. While a strong recovery in economic growth and corporate earnings have put the S&P 500 on pace for its longest monthly winning run since 2018, investors are concerned about rising coronavirus cases and how quickly the Fed