S&P 500 futures are little changed, as benchmark heads for winning week: Live updates

S&P 500 futures are little changed, as benchmark heads for winning week: Live updates


Traders work on the floor of the NYSE. 

NYSE

Futures tied to the S&P 500 were little changed on Friday while stocks headed for a winning week overall, after the Federal Reserve’s preferred inflation reading met expectations for August.

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 0.1%.

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.

Traders also received encouraging inflation data that could give the central bank more reason to confidently cut interest rates further. The August’s personal consumption expenditures price index increased 0.1%, meeting expectations from economists polled by Dow Jones. PCE increased 2.2% at an annualized pace, below the 2.3% forecast.

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.

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.

.



Source link

More From Author

UK PM Keir Starmer touts pro-business agenda as he woos top Wall Street CEOs

UK PM Keir Starmer touts pro-business agenda as he woos top Wall Street CEOs

Leave a Reply

Your email address will not be published. Required fields are marked *