Dow futures higher; Intel, PCE data in spotlight
Investing.com — U.S. stock futures traded higher Friday, boosted by better-than-expected results from Intel (NASDAQ:INTC) ahead of the release of widely-watched inflation data.
By 06:30 ET (10:30 GMT), the Dow Futures contract was up 75 points, or 0.2%, S&P 500 Futures traded 19 points, or 0.4%, higher and Nasdaq 100 Futures climbed 120 points, or 0.8%.
The benchmark Wall Street indices closed lower Thursday, with the blue chip Dow Jones Industrial Average ending a 13-day winning streak after dropping over 200 points, or 0.7%, after data showed the U.S. economy grew 2.4% last quarter, stronger than expected and above the first quarter level.
The Federal Reserve raised interest rates another quarter of a percentage point on Wednesday, and while hopes are increasing that this could be the last move of the central bank’s year-long tightening cycle, healthy growth could provide the policymakers with headroom to lift interest rates once more.
Fed chair Jerome Powell wouldn't rule out raising them again this year to tame inflation, at Wednesday’s press conference, and so investors will pay close attention to the personal consumption expenditure index, due for release later in the session, as it will provide another reading on inflation trends.
The index, the Fed’s favorite gauge of inflation, is expected to rise 3.1% for the year and fall 0.1% for the month, while the core figure, which excludes volatile food and energy prices, is expected to rise 4.2% for the year and 0.2% for the month.
Sentiment has been given a boost Friday after Intel reported after the close Thursday that the expected decline in sales of its key personal computer chips in the second quarter was not as steep as the markets had anticipated.
Sales of its
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