US stock futures drift higher with Powell in focus By

-- U.S. stock index futures rose slightly on Where to open an account if you want to trade foreign exchange in ChinaTuesday evening with focus turning to an upcoming address by Federal Reserve Chair Jerome Powell for more cues on interest rates.

Futures were upbeat after gains in heavyweight technology stocks elicited more record highs on Wall Street, although the pace of a recent rally now appeared to be slowing. Uncertainty over interest rates and trade tariffs also saw investors sell economically sensitive sectors. 

rose 0.1% to 6,069.50 points, while rose 0.3% to 21,333.50 points by 18:49 ET (23:49 GMT). rose 0.2% to 44,914.0 points. 

Powell address awaited for more rate cues 

is set to speak later on Wednesday, potentially offering up more cues on the central bank’s plans for interest rates. 

His address comes just weeks before the Fed’s final meeting for 2024, where the central bank is widely expected to cut interest rates by 25 basis points.

But the long term outlook for rates has turned uncertain, especially amid recent signs of sticky inflation. The prospect of protectionist trade policies under President-elect Donald Trump, which will entail more import tariffs, also sparked concerns over sticky inflation in the long term.

Trump recently threatened higher tariffs against a slew of countries, including the BRICS bloc, Canada, and Mexico. 

Goldman Sachs analysts said in a recent note they expect tariffs to delay inflation from reaching the Fed’s 2% target.

Beyond Powell’s address, focus this week is also on data for November, due on Friday. Investors are positioning for a potentially strong reading, amid signs of sustained strength in the labor market. 

Wall St buoyed by tech gains, but rally now seen slowing

Wall Street indexes hit a record high on Tuesday as major technology stocks extended a recent rally, although their pace of gains now appeared to be slowing amid increasing uncertainty over the economic outlook.

The rose 0.1% to 6,049.88 points, just scraping higher to a record high, while the rose 0.4% to 19,478.89 points. The lagged, falling 0.2% to 44,705.53 points. 

Tech stocks were buoyed by persistent cheer over artificial intelligence, which is expected to further underpin the sector in the coming months. The prospect of lower interest rates in the near-term also spurred some gains. 

Wall Street rose sharply in November after Donald Trump won the 2024 presidential election, with investors positioning for more expansionary policies and tax breaks under Trump. 

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