Stock futures are little changed as traders brace for Fed’s preferred inflation reading: Live updates
Traders work on the floor of the NYSE.
NYSE
Stock futures traded near the flatline Friday as Wall Street awaits a key inflation reading.
Futures tied to the Dow Jones Industrial Average inched lower by 5 points. S&P 500 futures were off by less than 0.1%, while Nasdaq 100 futures ticked down 0.2%.
Traders are awaiting the release of August’s personal consumption expenditures price index, due at 8:30 a.m. ET. The so-called PCE is the Federal Reserve’s preferred inflation metric, and policymakers and Wall Street alike are hoping for figures that show a cooling trend.
Economists polled by Dow Jones expect that headline PCE rose at a 2.3% annualized pace, and that it gained 0.1% from the prior month.
Wall Street is coming off a winning session, after a batch of economic data assured investors of the strength of the U.S. economy. Initial jobless claims had fallen more than expected, indicating a strong labor market, while the final reading of second-quarter gross domestic product came in at 3%.
“Markets are pleased that the Fed is taking meaningful steps to recalibrate policy,” LPL Financial chief economist Jeffrey Roach said.
The three major indexes are higher for the week, with the S&P 500 up nearly 0.8% and the 30-stock Dow Jones Industrial Average on pace to rise 0.3%. The Nasdaq Composite is on track for a roughly 1.4% week-to-date advance.
