US equity futures were little changed Monday premarket as traders searched for fresh catalysts following last week's interest-rate cut from the Federal Reserve. The Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures inched up 0.2%, and Nasdaq futures were up 0.3%. Last Wednesday, the central bank's Federal Open Market Committee made a significant decision to reduce interest rates to a range of 4.75% to 5%.
This adjustment contrasts with a Bloomberg-compiled consensus that indicated a range of 5% to 5.25%. Oil prices, meanwhile, experienced an upward movement, with the front-month global benchmark North Sea Brent crude increasing by 0.3% to $73.94 per barrel and US West Texas Intermediate crude rising by 0.4% to $71.28 per barrel.
Attention is now turning to the upcoming economic indicators, particularly the flash Manufacturing Purchasing Managers' Index (PMI) which is scheduled for release at 8:30 am ET. Analysts are anticipating the PMI to come in at 48.6 for September, a slight increase from the previous reading of 47.9, while estimates for the services PMI suggest it may come in at 55.3, down from 55.7 previously.
Investors are closely monitoring these figures for insights into the broader economy and future market trends..