US stock futures inch up as yields ease, inflation report looms
SPY•US stock futures edged higher as Treasury yields eased ahead of an August PCE inflation report expected to show annual inflation at 3.7%. Dow futures rose 0.18%, S&P 500 futures gained 0.1% and Nasdaq 100 futures were nearly flat.
1. Futures edge higher
At 5:27 a.m. ET, Dow futures were up 0.18%, S&P 500 futures were up 0.1% and Nasdaq 100 futures were down 0.01%. Most megacap and growth stocks rose in premarket trading, including Nvidia, Alphabet and Apple, while AMD and Marvell edged lower.
2. Inflation in focus
The August personal consumption expenditures price index is expected to show annual inflation of 3.7%. Traders were nearly evenly split on the chance of an October rate hike, down from a more than 70% chance a week earlier. The 10-year Treasury yield eased 2.9 basis points after reaching its highest level since June 2007 in the previous session.
3. Quarterly market picture
The S&P 500 and Nasdaq were on pace for a second consecutive quarterly gain, while the Dow was set for a quarterly decline and its first monthly fall since March. Final second-quarter GDP figures and comments from at least four Federal Reserve officials were also due later Wednesday.
