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Traders Digest Fed's Preferred Inflation Metric, Driving Premarket Gains for US Equity Futures
2024-08-30 20:56
08:56 AM EDT, 08/30/2024 (MT Newswires) -- US equity futures posted gains ahead of Friday's opening bell as traders digested the Federal Reserve's preferred measure of inflation.
The Dow Jones Industrial Average futures increased 0.3%, S&P 500 futures rose 0.5%, and Nasdaq futures were up 0.8%.
Oil prices were little changed, with front-month global benchmark North Sea Brent crude up 0.1% at $78.86 per barrel and US West Texas Intermediate crude was nearly flat at $75.92 per barrel.
Personal income, released at 8:30 am ET, gained 0.3% in July versus estimates compiled by Bloomberg for a 0.2% increase to match June's increase. The core personal consumption expenditures price index, the Fed's preferred inflation metric, increased 0.2% during the month, in line with estimates and matching June's uptick.
The Chicago Purchasing Managers' Index, due at 9:45 am ET, is expected to drop to 45.0 in August from July's 45.3.
No change is expected for Consumer sentiment, slated for 10 am ET, from the mid-month flash at 67.8 in the final reading for August.
In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 1.1% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index also gained 0.3% in Europe's early afternoon session.
In equities, shares of Intuitive Machines (LUNR) were up 19% after the company secured a $116.9 million contract from the National Aeronautics and Space Administration. MongoDB (MDB) shares were 17% higher after the company posted higher fiscal Q2 revenue and raised its fiscal 2025 outlook.
On the losing side, NuCana (NCNA) shares were down 50% after the company discontinued its phase 2 trial of a prospective treatment for colorectal cancer. Elastic (ESTC) shares were 27% lower as analyst downgrades followed the company's recently issued fiscal 2025 revenue guidance that trailed Capital IQ analysts' estimates.
