U.S. futures are quiet, with DJIA, S&P, and Nasdaq up 0.1% 

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stock exchanges concept; wall street sign – Wibestbroker

U.S. stock futures were quiet on August 30 morning as investors readied for the end of the month.

Remarkably, Dow Jones Industrial Average futures soared 14 points or less than 0.1%. Meanwhile, S&P 500 futures traded 0.1% higher, while the Nasdaq 100 futures gained 0.1%.

The S&P 500 surged 2.6% in August. Besides, the Dow Jones Industrial Average increased 1.5%, while the Nasdaq Composite soared 3.1% this month.

Additionally, key technology shares were higher in premarket trading. Chipmakers AMD and Nvidia were up, while Microsoft also increased.

Affirm Holdings’s shares increased 40% in premarket trading after announcing a partnership with Amazon.com on Friday. Meanwhile, stocks of an e-commerce giant, Amazon, climbed 1%.

On Friday, the S&P 500 and the Nasdaq Composite closed at lifetime highs after Fed Chairman Jerome Powell signaled bond tapering could start this year. However, Jerome added that the central bank is in no rush to raise interest rates.

Powell also announced inflation is solidly around the central bank’s 2% target rate. However, the Federal Reserve chairman also explained why he thinks the current inflation rise is transitory and will eventually decline to the target level.

Remarkably, a tapering announcement is likely to come as soon as the Fed’s September 21-22 meeting. Powell announced the central bank has much ground to cover to accomplish its other goal of maximum employment.

Investors are now waiting for the direction of stocks for the final months of the year

Analysts say that stocks could stay largely range-bound until the announcement of August’s jobs report on Friday. Significantly, economists anticipate 750,000 jobs were created in August, and the unemployment rate dropped to 5.2%.

Moreover, Friday’s increases added to a decisive week for the major averages. The Dow Jones Industrial Average increased 0.9%. Meanwhile, the S&P 500 gained 1.5%, and the Nasdaq Composite advanced 2.8% last week.

Notably, investors are now waiting for the direction of stocks for the final months of the year. The S&P 500 surged by more than 20% in 2021. However, the market also absorbs peak policy stimulus, peak earnings acceleration, and peak reopening momentum.

Oil futures were lower on Monday, holding at $68.46 a barrel. They boosted by over 11% last week in anticipation of disruptions from Hurricane Ida. Meanwhile, gasoline futures were higher slightly in a minimal reaction to Hurricane Ida making landfall over the weekend.

Additionally, Cloudera and Zoom Video are expected to report earnings after the bell on Monday.

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