Stock index futures muted as Fed's preferred inflation gauge looms
Stock index futures were flat as traders awaited the Fed's inflation gauge. S&P 500 futures were unchanged, while Nasdaq 100 futures dipped 0.1%. The 10-year Treasury yield fell to 3.79%. Major U.S. equity averages rose on Thursday, supported by strong economic growth and positive outlook from Micron Technology. Investors are focused on the August personal consumption expenditures price index, expected to show a 0.2% M/M rise in core PCE and a slight increase in headline PCE. Additional economic data includes retail and wholesale inventories for August.
Stock index futures were largely flat on Friday, as traders braced for the Fed's preferred inflation gauge, set to come later in the day.
S&P 500 futures (SPX) were unchanged, Nasdaq 100 futures (US100:IND) -0.1%, and Dow futures (INDU) were unchanged.
The 10-year Treasury yield (US10Y) was down 1 basis point to 3.79%. The 2-year yield (US2Y) was flat at 3.63%.
Major U.S. equity averages finished higher Thursday, buoyed by confirmation of a strong quarterly U.S. economic growth rate, and as AI memory maker Micron Technology (MU) offered a robust outlook.
The Commerce Department said the Q2 GDP growth estimate remained at 3% in its final print, matching expectations.
"Most days this week have felt like a birthday celebration for markets, and this has carried on over the last 24 hours as we hit U.S. core PCE day," Deutsche Bank's Jim Reid said.
Investors will now turn their attention to the August personal consumption expenditures price index, which is expected to land at 8:30 am.
The core PCE price index is forecasted to rise 0.2% M/M in August, flat with it growth rate in July, with the Y/Y increase seen rising slightly to 2.7% from 2.6% in July.
The headline PCE price index, which includes volatile food and energy prices, is expected to increase 0.4% M/M compared with +0.3% in July. It's expected to rise 2.3% Y/Y, easing from 2.5% in July.
Other economic data on Friday include August retail inventories and the August wholesale inventories.