Dow futures steady as S&P 500 closes at yearly highs

Investing.com - US stock futures were trading in a mixed fashion during Sunday's evening deals, after a positive week from major benchmark averages as the S&P 500 marked a new high for 2023.

By 6:30 pm ET (11:30 pm GMT) Dow Jones Futures remained flat, S&P 500 Futures eased 0.1% and Nasdaq 100 Futures dipped 0.2%.

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Ahead in the week, investors will be closely monitoring key employment data including ADP nonfarm employment change and nonfarm payrolls.

During Friday's trading session, the Dow Jones Industrial Average added 294.6 points or 0.8% to 36,245.5, the S&P 500 added 26.8 points or 0.6% to 4,594.6 and the NASDAQ Composite lifted 78.8 points or 0.6% to 14,305.

The S&P 500, a broad index of large-cap equities, reached its highest point since March 2022 on Friday, accumulating nearly 20% in year-to-date gains. The Dow Jones Industrial Average, a measure of blue-chip stocks, has also seen a steady ascent for five consecutive weeks, yielding a 9.4% increase for the year. The Nasdaq Composite, known for its tech-heavy composition, has surged by 37% in 2023.

This recent upswing comes as investors increasingly wager on the Federal Reserve maintaining its current policy stance at the upcoming meeting this month, with potential rate cuts expected next year. Despite Fed Chairman Jerome Powell's attempts to moderate rate-cut expectations by stating it's "premature" to predict policy easing, the market seems to have disregarded his cautionary comments.

On the bond markets, United States 10-Year rates were at fresh 12-week lows of 4.197%.