Stock futures were edging lower on Tuesday, as investors opted to lock in some profit ahead of a flurry of economic data that ought to give the market a better sense of where interest rates may be headed.
Futures tracking the Dow Jones Industrial Average slipped 32 points, or 0.1%. S&P 500 futures were also down 0.1%, and contracts tied to the tech-heavy Nasdaq 100 fell 0.2%.
The three major indexes rallied on Monday, with the Nasdaq notching its best day since May, after two more Federal Reserve policymakers signaled they would support a rate cut at the central bank’s Dec. 9-10 policy meeting. Traders are pricing in an 81% chance that the Fed lowers borrowing costs by a quarter point, up from 50% a week ago, according to the CME FedWatch tool.