US pre-open: Futures trade higher ahead of PCE reading

26th Jul 2024 12:04

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Friday ahead of the latest personal consumption expenditure reading - the Federal Reserve's preferred inflation gauge.

As of 1300 BST, Dow Jones futures were up 0.62%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.76% and 0.98% firmer, respectively.

The Dow closed 81.20 points higher on Thursday, extending gains recorded in the previous session as market participants thumbed over some key data points and more corporate earnings.

Friday's primary focus will be June's personal consumption expenditures price index, due out at 1330 BST, with headline PCE expected to have grown 0.1% month-on-month and 2.5% year-on-year.

Elsewhere on the macro front, the University of Michigan's July consumer sentiment index will be published at 1500 BST.

In the corporate space, shares in medical devices outfit Dexcom nosedived in pre-market trading on the back of full-year guidance that disappointed markets, while footwear group Deckers posted Q1 earnings that came in ahead of expectations on the Street.

Reporting by Iain Gilbert at Sharecast.com