Stock futures are flat after S&P 500 closes at a record to end winning September: Live updates

Stock futures were little changed on Monday evening, after the S&P 500 closed at a record to end September.

Futures tied to the Dow Jones Industrial Average ticked down 44 points or 0.1%. S&P 500 futures inched lower by 0.1%, alongside Nasdaq 100 futures.

In the regular session, the S&P 500 and the 30-stock Dow notched closing records. Federal Reserve Chair Jerome Powell said on Monday that the central bank is "not on any preset course" when it comes to the next steps for rate policy. He said to expect two more cuts this year — that is, a quarter percentage point each — if the economy performs as anticipated.

September is typically the worst month of the year for stocks, but this time it broke with past trends. All three major averages posted monthly gains, and it was the first positive September for the S&P 500 since 2019. The S&P 500, Dow and Nasdaq Composite also ended the third quarter in positive territory.

To be sure, the Fed's move to cut interest rates by a half-point at its latest meeting bolstered stocks' performance as of late. Investors will now look to September's nonfarm payrolls report on Friday, which will serve as the next catalyst for the major averages.

"The risk here is likely to the downside," said Dave Sekera, chief U.S. market strategist at Morningstar. "With the Fed embarking on a monetary easing policy of a 50-basis-point cut instead of the typical 25-basis-point cut, the question really is, 'Is the Fed seeing more softness in jobs and unemployment than what the market is expecting?'"

Traders were also monitoring a potential strike by members of the International Longshoremen's Association on the East and Gulf Coasts. The stoppage is expected to occur at midnight and could be a major disruption to the