Dow futures climb ahead of key PCE inflation data
Investing.com — U.S. stock futures rose Thursday, ending a largely positive month on a strong note ahead of the release of important inflation data which could offer clues of future Federal Reserve interest rate intentions.
By 06:55 ET (11:55 GMT), the Dow Futures contract was up 160 points, or 0.5%, S&P 500 Futures traded 8 points, or 0.2%, higher and Nasdaq 100 Futures climbed 30 points, or 0.2%.
The main Wall Street indices closed in a mixed fashion on Wednesday, but are on course post hefty gains this November. The blue-chip Dow Jones Industrial Average is on track to gain 7.2%, which would be its best month since October last year. The broad-based S&P 500 is up 8.5% in November, while the tech-heavy Nasdaq has advanced nearly 11% — both set for their best monthly performances since July 2022.
These strong gains have been largely generated by data showing inflation may be cooling in the U.S., fueling expectations that the Federal Reserve could soon begin to bring interest rates back down from over two-decade highs.
There’s more inflation data to digest Thursday, in the form of the October personal consumption expenditures price index, the Fed's preferred measure of inflation.
Economists are expecting a year-on-year figure of 3.0% for the month, which would mark a deceleration from 3.4% in September. On a monthly basis, the gauge is also seen slowing to 0.1%. The core reading stripping out volatile items like food and fuel is projected at 3.5% annually and 0.2% month-on-month.
Weekly jobless claims are also due during the session.
Investors will also be listening to comments from influential Fed New York President Williams later on Thursday, ahead of Q&A appearance by Fed Chair Jerome Powell on Friday.
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