S&P 500 will attempt to keep going for a ninth session, its longest streak since November 2004

Investors will also be tracking data from US Fed minutes, on Wednesday.

The S&P 500 is near a record of sorts, if it heads towards a ninth session of gains, which would be its longest streak of positive close since November 5, 2004.

A feat like this has not happened since former US President George W Bush's first term in office.

Stocks in US have rebounded from a steep selloff just two weeks ago, driven by concerns over US recession and the unwinding of the Yen carry trade. The rebound in August has come with a sharp drop in market volatility, with the CBOE Volatility Index (VIX) now hovering near 15, after having tested highs of 65 in early August, amid a global selloff.

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The MSCI All Country World Index (MSCI ACWI) too is approaching a ninth day of rise — its longest gaining streak since December, data from Bloomberg showed. MSCI ACWI is an international equity index tracking stocks from 23 developed and 24 emerging markets countries.

US stocks are witnessing buoyancy as investors bet the Federal Reserve will start cutting interest rates from September. Market participants are also tracking the Fed chair Powell's address at the Jackson Hole symposium in Wyoming this Friday for cues on economy, rates, and inflation.

A poll of economists conducted by Reuters showed that chances of a recession appear slim, with a majority of them anticipating a 25 basis points rate cut at each of the remaining three FOMC meetings of 2024.

Investors will also be tracking data from US Fed minutes, on Wednesday.

“What we’ve seen happen is a swath of recent data, which has eased fears about slowing US growth without stoking fears of re-accelerating inflation,” Bloomberg News quoted Kyle Rodda, senior market analyst at capital.com.

Reuters quoted Chris Carey, portfolio manager at Carnegie Investment Counsel, on what the market participants will looking for in Fed Chair Powell's speech on Friday. “Market reaction-wise, if we don't see a cut in September, I think it is going to make a lot of market participants, ourselves included, somewhat uneasy given the fact that no matter where you look, the data is saying that higher rates are having an adverse impact on the US economy, whether you look at the labor market or housing or inflation data. So, it will really make us question what the objective of the Fed is and why they can't read the writing on the wall,” Carey said.

Goldman Sachs has lowered the probability of a US recession next year to 20 percent, having raised it to 25 percent after a jobs report released earlier this month, and said it is in line for a further reduction based on August jobs report due next month.

Gold prices too have managed to hold above the $2,500 an ounce level on anticipation that the US Fed is poised to cut interest rates.

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