A trader works as the New York Stock Exchange (NYSE) opens on November 26, 2024 in New York City.
Timothy A. Clary | AFP | Getty Images
U.S. stock futures were little changed on Wednesday morning as traders awaited the release of the Fed’s favorite inflation gauge.
Futures and Dow Jones Industrial Average An increase of 30 points, or 0.07%. at the same time, S&P 500 Index Futures flashes near the flat line while Nasdaq 100 Futures down 0.11%.
In other corporate news, several companies reported quarterly results. Dell Technologies The stock fell 11% in after-hours trading as the company issued a disappointing forecast for the current quarter.
Looking ahead to Wednesday, the Personal Consumption Expenditures Price Index (PCE) is scheduled to be released at 10:00 AM ET. Economists polled by Dow Jones expect the core index, which excludes food and energy, to rise 2.8% annually. Investors will scrutinize the data to see how the Fed is likely to move forward with its interest rate policy at its December meeting.
In fact, the Fed released the minutes of its November meeting on Tuesday. While central bank officials said they expected more rate cuts to come, they said the pace of cuts would be “gradual.”
“I think they’re going to cut rates again (in December),” Stephen Stanley, chief U.S. economist at Santander U.S. Capital Markets, said on CNBC’s “Power Lunch.” “I think they feel like they’re going to cut rates again (in December). It’s still far from neutral, so they feel like they still have a long way to go and they want to get to the next level in that regard.”
Other key data released on Wednesday include personal income and consumer spending for October. This content is also scheduled to be released at 10:00 AM Eastern Time.
The U.S. trading week was also shortened, with markets going dark for the Thanksgiving holiday on Thursday before closing early on Friday. Trading volumes are expected to remain light. Nonetheless, all three major stock indexes ended in the green on Tuesday. both S&P 500 Index and Dow Chemical Hitting new intraday and closing highs.
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