Spy 500 futures are consolidating near 4

SPY 500 futures are consolidating near 4,922, with traders awaiting PMI manufacturing data. A beat could reinforce the current upward bias, especially in cyclical sectors like industrials and materials. The SPDR S&P 500 ETF Trust (NYSE: SPY ) and Invesco QQQ Trust ETF (NASDAQ: QQQ ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.27% at $670.28, while the QQQ advanced 0.57% to $606.70, according to Benzinga Pro data. He points out that the earlier boom was supported by three rate cuts from then-Fed Chair Alan Greenspan, implying a potential similar scenario for current and future monetary policy. U.S. SPY 500 futures are modestly up, with strength in mega-cap technology transporting the index higher. The setup favors continuation if macro data stays supportive of risk-on appetite.