Stock futures gain as PCE data shows inflation cooling: Stock market news today
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Stocks were setting up for a rebound on Friday with the Federal Reserve’s preferred inflation measure showing a continued cooling in pricing pressures in the US economy.
The Personal Consumption Expenditures (PCE) Price Index out Friday morning showed that on a “core” basis — which strips out food and energy — prices rose 4.1% over the prior year in June, the least since September 2021.
This data follows CPI data earlier this month that showed core inflation rose 4.8% over the prior year. On a headline basis — which includes food and energy — both PCE and CPI showed prices rose 3% over last year.
Futures had been higher ahead of this data following a surprise Bank of Japan rate shift which rattled markets.
Futures on the Dow Jones Industrial Average (^DJI) were up 0.5%, after the benchmark failed on Thursday to add to its longest run of wins since 1987. S&P 500 (^GSPC) futures added 0.7%, while tech-heavy Nasdaq 100 futures climbed 1.1%, after all the major gauges closed in the red on Thursday.
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