U.S. Stocks Climb Amid Rate Cut Anticipation and Economic Data Awaiting

U.S. stock index futures edged higher as investors anticipated a slew of economic data and hoped for a significant interest-rate cut from the Federal Reserve's upcoming policy meeting. While the S&P 500 and Dow hit record highs, tech stocks like Nasdaq faced a downturn. Anticipation over interest rate changes influenced market movements.

U.S. stock index futures edged higher as investors awaited a batch of economic data and held out hope that the Federal Reserve would implement a significant interest-rate cut in its monetary policy meeting starting Tuesday.

The S&P 500 ended its sixth straight session higher, nearing a record high on Monday, bolstered by financial and energy stocks, while the Dow also closed at a record high. However, the Nasdaq finished the session lower as investors shifted away from tech stocks, despite being a significant driver of this year's rally.

Microsoft rose nearly 2.0% in premarket trading after its board approved a new $60-billion share buyback program and hiked its quarterly dividend by 10%. Among other growth stocks, Alphabet and Tesla added 0.63% and 0.57%, respectively, while Nvidia inched up 0.30%. Meanwhile, the yield on two-year Treasury bonds hovered near two-year lows.

(With inputs from agencies.)