Futures edge higher, PCE data ahead, OPEC+ meeting looms - what's moving markets
Investing.com -- The major stock indices in the U.S. head into the final day of trading in November on pace to post their best months since last year. Markets are also gearing up for the publication of the Federal Reserve's favored inflation gauge, as traders attempt to suss out the central bank's future policy plans. Elsewhere, Microsoft (NASDAQ:MSFT) is set to take a position on the board of OpenAI following days of tumult at the celebrated artificial intelligence start-up.
1. Futures point higher before final November session
U.S. stock futures inched up as investors gear up for the last trading day in what has been a largely positive November for equities.
By 04:56 ET (09:56 GMT), the Dow futures contract had added 144 points or 0.4%, S&P 500 futures rose by 6 points or 0.1%, and Nasdaq 100 futures gained 26 points or 0.2%.
The main averages were mixed on Wednesday, but are still on pace to finish the month in the green.
Recent data has buoyed hopes that 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. Treasury yields, which move inversely to prices, have subsequently slipped, while stocks have jumped.
Heading into the final session of November, the benchmark S&P 500 is up by 8.5% and the tech-heavy Nasdaq Composite has jumped by almost 11%, putting them both on track to post their best monthly performance since July 2022. The 30-stock Dow Jones Industrial Average has advanced by 7.2%, on course for its best month since October last year.
2. PCE ahead
Traders will likely be focusing on Thursday's release of the October personal consumption expenditures (PCE) price index, the Fed's preferred measure of
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