US stock futures steady as markets look to rate cuts, jobs data

Investing.com-- U.S. stock index futures tread water in evening deals on Monday as investors awaited upcoming interest rate cuts in Europe and Canada this week, while a slew of key readings on the U.S. labor market were also on tap.

Trading on Monday was disrupted by a series of technical glitches on the New York Stock Exchange, which caused volatility and trading halts in several major stocks. But the issues were resolved towards the end of the session, and trading resumed as normal. 

S&P 500 Futures rose 0.1% to 5,300.25 points, while Nasdaq 100 Futures rose 0.1 to 18,662.50 points by 19:23 ET (23:23 GMT). Dow Jones Futures steadied at 38,668.0 points. 

Rate cut speculation increases amid weak economic data

Investors were seen ramping up bets that the Federal Reserve will begin cutting interest rates in September, as a swathe of recent readings showed the U.S. economy was cooling. 

The CME Fedwatch tool showed traders pricing in a 52.5% chance the Fed will cut rates by 25 basis points in September, up from a 47% chance seen yesterday. 

Purchasing managers index data for May showed manufacturing activity slowed for a second straight month, with the reading coming just days after U.S. gross domestic product data was revised lower in the first quarter. 

Focus this week is on key nonfarm payrolls data, with the labor market being another major consideration for the Fed in cutting rates. JOLTS job openings data is due on Tuesday. 

The Fed is also set to meet next week and keep rates steady.

But before the Fed, the European Central Bank and the Bank of Canada are both widely expected to cut interest rates this week. 

Wall Street buoyed by Nvidia on new AI chips

The S&P 500 rose 0.1% to finish at 5,283.40 points on Monday, while the NASDAQ Composite rose 0.6% to 16,828.63 points. The Dow Jones Industrial Average fell 0.3% to 38,71.03 points. 

Technology stocks- chiefly NVIDIA Corporation (NASDAQ:NVDA), were the biggest supporter of Wall Street. The chipmaker surged nearly 5% on Monday and was close to record highs in aftermarket trade, after it unveiled a new line of processors for artificial intelligence. 

Its smaller rival Advanced Micro Devices Inc (NASDAQ:AMD) fell 2% even after it unveiled new AI chips aimed at competing with Nvidia. 

GameStop surges as influencer Roaring Kitty reveals $116 mln bet 

GameStop Corp (NYSE:GME) closed 21% higher at $28.0 after surging as much as 78% on Monday. The stock rose another 4% in aftermarket trade.

Gains in the videogame retailer came after Reddit posts from influencer Keith Gill, who had ignited the meme stock rally of 2021, showed they had built a $115.7 million position in the firm. 

Other so-called meme stocks such as AMC Entertainment Holdings Inc (NYSE:AMC) and Koss Corporation (NASDAQ:KOSS) also advanced, albeit at a slower pace.