"Tech Rally Propels Dow to Near 40K, Wall Street Hits Record Highs: Live Updates"

U.S. stock futures edged higher after all three major averages achieved new record closes, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all reaching all-time intraday highs. FedEx shares rose 13% in extended trading after beating earnings estimates, while Lululemon slid 11% due to weak guidance and slowing North American growth. Market optimism may be influenced by the Federal Open Market Committee's expectation for three rate cuts this year, aligning with investors' more rational outlook. The S&P 500, Nasdaq, and Dow are on track for healthy gains this week, with the latter set for its best week since December. Additionally, utility stocks are outperforming tech stocks, with April historically being a strong month for utilities.