A trader works on the trading floor of the New York Stock Exchange on Friday, August 23, 2024.
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Stock index futures edged higher Thursday night as investors braced for key inflation data that will be closely watched by the Federal Reserve.
Futures and Dow Jones Industrial Average Up 19 points, or 0.05%. S&P 500 Index Futures rose 0.1%, while Nasdaq 100 Futures Add 0.2%.
In an extension transaction, urta The company’s shares fell about 7% as second-quarter revenue and profit missed expectations, while sportswear retailer Lululemon Athletica rose 6% after profit beat expectations. Dell Technologies Second-quarter results exceeded expectations, growing 3%, driven by server sales.
Market trading was volatile this week ahead of Nvidia’s quarterly results. The artificial intelligence darling plunged on Thursday, dragging down the S&P 500 and dragging the Nasdaq Composite lower. The Dow Jones outperformed the three major averages, rising more than 240 points to close at a new record.
A new catalyst for stocks awaits Friday at 8:30 AM ET: the Personal Consumption Expenditures Price Index. Economists surveyed by Dow Jones expect overall prices to rise 0.2% monthly and 2.5% annually in July. The core reading is expected to be up 0.2% from the previous month and 2.7% from 12 months ago.
The Fed keeps a close eye on the indicator, which could still influence policymakers’ interest rate decision in September.
Quincy Krosby, chief global strategist at LPL Financial, said: “The market will absorb the results from the personal consumption expenditures (PCE) release, with consensus forecasts focusing on the core year-over-year report, which followed a slight increase of 2.6% in the previous report. rose to 2.7%.
She added: “Because some Fed members have said they need more data to confirm inflation continues to fall before agreeing to a rate cut, any unexpected results that point to hotter reports could have a negative impact on markets.”
As August trading ends, the S&P 500 is expected to rise nearly 1.3%, while the Dow Jones is also expected to gain 1.2%. The Nasdaq was the only one of the three major indexes to fall, down nearly 0.5% for the month.
This week, the S&P 500 and the Nasdaq fell 0.8% and 2% respectively, their first losses in three weeks. The Dow was on track for a third straight weekly gain, rising 0.4% for the period.
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