US stock futures dipped after the S&P 500 marked its 41st record close this year. Contracts for the S&P 500 hinted at a 0.3% drop, while Europe’s Stoxx 600 also slipped. SAP SE tumbled as US officials investigated the German software company for allegedly overcharging government agencies for a decade.
After the Federal Reserve’s recent interest-rate cut, traders are seeking fresh catalysts. China’s latest policy moves have had little effect beyond Asia, with concerns about the country’s slowing economy persisting.
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In Europe, Sweden’s Riksbank cut rates, and the European Central Bank may follow, with hints of more easing ahead. Nvidia’s gains pushed US equities higher, but weak consumer confidence and manufacturing data raised concerns about the labor market.
Traders are now betting on more policy easing from the Fed this year, as they await key remarks from Fed Chair Jerome Powell and upcoming economic data. Meanwhile, China’s central bank took further steps to boost its struggling economy, but confidence remains low despite recent stimulus measures.
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