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US stock futures rose on Friday as investors entered the final trading day of the second quarter with an eye on the headline inflation reading and the fallout from last night’s presidential debates.
The S&P 500, which has hit more than 30 record highs so far this year, posted a 4.35% quarterly gain before Friday’s session, largely supported by a rise in AI-related technology stocks, while the Nasdaq rose more than 9 points. %.
These levels will be tested today by the main inflation report for May, the personal consumption expenditures price index, which is expected to show the weakest monthly pressures in more than three years.
The measure of personal consumption expenditures, closely tracked by Fed officials, is likely to show headline and core inflation eased to 2.6% in May, adding more fuel to market bets that the Fed will start cutting its benchmark interest rate in September.
Benchmark 10-year Treasury yields were little changed at 4.31% ahead of the data at 8:30 a.m. ET, with the 2-year note yield flat at 4.729%.
Meanwhile, the US dollar index retreated from a year-to-date high in overnight trading, which was partly linked to what analysts said was a weak performance from President Joe Biden in last night’s debate with his predecessor and rival Donald Trump.
Biden appeared shaky and uncertain during key moments of the 90-minute contest, misquoting crucial economic statistics as he defended his record against an onslaught of attacks from the former president.
The dollar was last seen trading down 0.02% during the session, but is close to its highest levels this year against a basket of its global counterparts at 105.881.
The big shake-up of the Russell indices, which include small-cap and large-cap stocks, will also be completed on Friday, a potential rally for several AI-related names that have pushed markets higher for much of the past year.
Heading into the start of the trading day, futures tied to the S&P 500 index are indicating an opening bell gain of 18 points, while those tied to the Dow Jones Industrial Average are priced 30 points higher.
Meanwhile, the Nasdaq rose about 75 points thanks to pre-market gains in Nvidia. (NVDA) ,micron (in) Tesla (Tesla) hail (Apple company) Promote progress.
Among other stocks witnessing movements is Nike (to) Apple Inc. shares, which fell about 15% in premarket trading, fell after a disappointing fourth-quarter earnings report that included a bleak outlook for sales during the next fiscal year.
Trump Media and Technology Group (DJT) Meanwhile, shares were up 10% at $40.20 per share.
In external markets, the European Stoxx 600 index rose by 0.31% ahead of the parliamentary elections taking place on Sunday in France, while the British Financial Times 100 index rose by 0.58% in London with focus on the national elections taking place next week.
More from Wall Street analysts:
- Analyst Updates Oracle Stock Price Target After Earnings
- Analyst Restarts Trade Desk’s Price Target After Netflix Deal
- Analysts Adjust Micron Stock Price Target Ahead of Earnings
Overnight in Asia, the yen settled at around 106.58 against a rising US dollar, suggesting at least a chance of intervention by government officials in Tokyo, with the Nikkei up 0.61% at the close of trading.
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