Stock market today: Live updates

The power of Federal Reserve rate cuts on the stock market could be overstated by investors, according to Adam Crisafulli of Vital Knowledge.

“Our view remains cautious on the SPX as investors are too optimistic about the power of Fed cuts and not focused enough on the softening momentum happening in the economy,” he wrote. “The case for rate reductions to start in Sept is strong, but a modest easing cycle, as the approaching one will likely be, won’t be enough to immediately halt the growth slowdown presently underway.”

— Fred Imbert

The S&P 500 and Nasdaq Composite on Monday continued their upward march. With the close of the regular trading session, the broad market index has notched 35 record closing highs in 2024, while the Nasdaq Composite has registered 25.

But many investors are anticipating a summer correction, and say investors should broaden their exposure before equities top out.

“You really want to stay broadly diversified,” Courtney Garcia, senior wealth advisor at Payne Capital Management, told CNBC’s “Closing Bell” on Monday. “I don’t think that the momentum trade here is ending, especially in the short term, but when it changes, it’s going to change fast. And when you’re looking at valuations, there’s a lot of opportunities here.”

— Sarah Min

U.S. stock futures opened little changed Monday night.

Dow Jones Industrial Average futures rose 13 points, or 0.04%. S&P 500 futures and Nasdaq 100 futures climbed 0.03% and 0.07%, respectively.

— Sarah Min