US stock index futures steady as rate cut cheer cools; More Fed cues awaited By

-- U.S. stock index futures moved little in evening deals on Formal foreign exchange trading platformSunday as a rally on the back of a bumper interest rate cut petered out, with focus turning to a slew of more signals from the Federal Reserve this week. 

Wall Street indexes had rallied to record highs last week after the Fed cut interest rates and marked the beginning of an easing cycle. But gains cooled towards the end of the week, given that future rate cuts are still largely contingent on the path of the U.S. economy. 

steadied at 5,764.0 points, while rose 0.1% to 20,047.0 points by 19:42 ET (23:42 GMT). were flat at 42,443.0 points. 

Fed cues, PCE inflation on tap this week 

A string of Fed officials and members of the rate-setting committee are set to speak this week- most notable on Thursday. 

The central bank had last week cut interest rates by 50 basis points and marked the beginning of an easing cycle that could see rates fall by as much as 125 bps this year. 

While the move had pushed Wall Street to record highs, overall gains were limited, given that the Fed held a less dovish medium to long-term outlook.

The central bank signaled neutral rates were likely to be much higher than those seen in the past. 

The pace of the Fed’s easing cycle is also expected to depend largely on the U.S. economy. data- the Fed’s preferred inflation gauge- is due this Friday, and is set to offer more cues on interest rates. Inflation is still trending well above the Fed's 2% annual target.

Dow, S&P 500 close to record highs 

Optimism over interest rate cuts drove the and the to record highs last week. While the also gained, recent weakness in technology stocks kept the index well below lifetime highs.

The S&P 500 fell 0.2% to 5,702.55 points on Friday, while the Dow rose 0.1% to 42,063.36 points. The Nasdaq fell 0.4% to 17,948.32 points. 

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