US Futures Edge Up, PCE Awaited
US stock futures rose on Friday, with S&P 500, Nasdaq 100, and Dow Jones futures all gaining. Traders await the PCE report, unlikely to affect Fed rate cut expectations. Megacaps mostly rose, while Netflix fell after a Warner Bros. Discovery deal. S&P 500, Nasdaq, and Dow Jones are up for the week.
US stock futures edged higher on Friday, with S&P 500 contracts up 0.2%, Nasdaq 100 futures rising 0.4%, and Dow Jones futures adding about 60 points.
Traders are awaiting the delayed PCE report which includes the Federal Reserve’s preferred inflation gauge, though the data is unlikely to shift expectations for next week’s policy decision.
Markets are pricing in roughly an 87% chance of another Fed rate cut, helping to support sentiment.
Megacaps were mostly higher in premarket trading, including Nvidia (0.4%), Microsoft (0.3%), Amazon (0.5%), Alphabet (0.4%), Meta (0.5%) and Broadcom (1.2%), while Apple and Tesla hovered near the flatline.
Meanwhile, Netflix shares fell about 1.9% after the company announced a deal to acquire Warner Bros.
Discovery.
For the week, the S&P 500 is up 0.1%, on track for its first back-to-back weekly gain since October.
The Nasdaq has risen 0.6%, and the Dow Jones is up 0.3% so far.
