Stocks Stay Close to Highs While Consumers Are the Main Focus – Europe Market Wrap

US stock futures remained around record highs as traders wagered that data released on Friday will show signs of strain on US consumers, supporting the case for interest rate reduction.

Contracts for the S&P 500 rose after two consecutive record closing earlier in the week. Intel gained more than 3% in premarket trade following reports that the US government may purchase a stake in the faltering chipmaker. Applied Materials fell after a lower-than-expected forecast.

US Treasury yields were mixed, with the policy-sensitive two-year note sliding one basis point to 3.72%. The Yen outperformed other major currencies versus the Dollar, which fell 0.3%.

In Europe, the Stoxx 600 reached its highest level since March, with cautious hopes that Friday’s US-Russia conference would be the first step towards brokering a peace settlement in Ukraine and healing relations.

Money markets are putting in a 90% chance of a quarter-point rate cut when the Fed meets next month, up from approximately 85% earlier this week.