US STOCKS-Futures edge higher on rate-cut bets
U.S. stock index futures edged higher on Monday, pointing to more gains on Wall Street, as traders priced in a higher chance of the Federal Reserve cutting interest rates this year. The benchmark S&P 500 and the blue-chip Dow closed at three-week highs on Friday after data showed U.S. job growth slowed more than expected in April, taking pressure off the U.S. central bank to keep rates higher for longer. Traders are currently pricing in rate cuts worth 48 basis points from the Fed by the end of 2024, with the first cut seen either in September or November, according to LSEG's rate probability app.
