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Wall Street on track for another month of gains

31 Aug 2021 02:47 PM

US stock futures were steady during today's trading, putting major indexes on track for solid gains at the end of August, as investors shrugged off risks related to an increase in coronavirus infections, hoping that the Federal Reserve's continuation of accommodative policy would support economic growth.

The Standard & Poor's 500 Index posted gains for the seventh consecutive month after Federal Reserve Chairman Jerome Powell last week made a cautious note about curtailing its massive asset purchases.

Indexes closed at record levels on Monday, buoyed by big tech stocks, which are generally doing well in a low interest rate environment.

While economic growth and corporate earnings rebounded strongly, sending the S&P 500 index its longest monthly gain since 2018, investors are concerned about the rise in coronavirus cases and how quickly the Federal Reserve will tighten monetary policy.

Investors will also focus on US monthly jobs data later in the week, which could feed into the Federal Reserve's decision at its September monetary policy meeting.

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