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Investing.com — U.S. stock index futures rose slightly in afternoon trading Sunday, with Wall Street indexes remaining near record levels, as investors looked to key inflation data this week for more signals on interest rates.
Wall Street was reeling from some stronger-than-expected PMI readings last week, raising concerns that the US economy remains strong, giving the Federal Reserve more room to keep interest rates high.
The index rose 0.1% to 5,538.75 points, while it rose 0.2% to 20,020.50 points by 19:20 Eastern time (23:20 GMT). It settled at 39,582.0 points.
PCE inflation due this week
Markets mainly focused on , scheduled for release on Friday.
This reading is the Fed’s preferred measure of inflation, and is likely linked to the central bank’s stance on interest rate cuts.
The personal consumption expenditures reading is expected to show that inflation eased slightly in May, but remained well above the Federal Reserve’s annual target of 2%.
Expectations of an eventual interest rate cut pushed Wall Street indexes to record levels during June, even as the Federal Reserve indicated that steady inflation and a strong economy keep the chances of such a scenario occurring slim.
Wall Street appears to be vulnerable to some profit-taking, especially in the technology sector, after an excellent rally this year.
The index fell 0.2% to 5,464.62 points on Friday, while it fell 0.2% to 17,693.38 points. The index settled at 39,150.33 points.
FedEx and Micron profits are available
Some key quarterly earnings prints were also featured this week.
The delivery and logistics company (NYSE:), whose earnings are also seen as an indicator of global economic activity, is scheduled to report its earnings for the quarter ending in May on Tuesday.
Memory chip maker Micron Technology Inc (NASDAQ:) is set to report quarterly earnings on Wednesday, after anticipating a significant spike in demand from the fast-growing artificial intelligence industry.
Sportswear manufacturer Nike Inc (NYSE:) and drug retailer Walgreens Boots Alliance Inc (NASDAQ:) are scheduled to report earnings on Thursday.
