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US Stock Futures Steady Amidst Interest Rate Cut Hopes

US stock futures are holding steady on Tuesday, with the possibility of an eighth consecutive weekly win within reach. Investors remain optimistic about the prospect for interest-rate cuts, despite warnings that these hopes may be overblown.

The Dow Jones Industrial Average (^DJI), the benchmark S&P 500 (^GSPC), and the tech-heavy Nasdaq 100 (^NDX) are all hovering just above the flatline. These key stock gauges edged higher on Monday, with the Dow notching another record close.

Despite the recent rally in stocks, some concerns have arisen as Federal Reserve officials have attempted to dampen expectations of a rate cut as early as March. They have cautioned that it’s “premature” to assume that the central bank is finished with rate hikes and have emphasized that its policy will continue to be data-driven.

The Bank of Japan has also decided to keep interest rates below zero and has given no indication of when it might exit negative levels.

Despite these cautionary signs, US stocks are maintaining their gains, with investors seemingly looking past these warnings. The upcoming update on the Personal Consumption Expenditures price index, which is the Fed’s preferred inflation measure, will likely play a role in the decision for or against faster and earlier cuts.

Investors are also monitoring oil prices, as more companies are avoiding transits through the Red Sea following attacks on shipping in the important trade route. Both West Texas Intermediate (CL=F) and Brent crude futures (BZ=F) are trading near the flatline, at around $72 and $78 a barrel, respectively.

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