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Nasdaq Futures up 1% With Focus on PCE Data – Europe Market Wrap
Stocks rose at the conclusion of a difficult week as traders awaited the next inflation report, the final major data point before the Federal Reserve’s impending meeting.
Contracts on the Nasdaq 100 increased by 1%, while those on the S&P 500 increased by 0.8%, implying that the underlying gauges will reverse their weekly decline at the start of trading on Wall Street. Europe’s Stoxx 600 index increased 0.5%. Treasuries and the dollar were largely unchanged.
On Friday, bargain hunters returned to the stock market, indicating that the selloff that has sent the S&P 500 down about 2% this week may be easing. High-flying tech stocks have taken the brunt of recent market declines as concerns about the potential for a US economic slowdown grew.
Traders are now waiting for personal expenditure statistics, which could show inflation approaching the Fed’s objective, giving officials room to decrease interest rates. Core PCE inflation, the Fed’s preferred pricing index, is expected to be about 2% on a three-month annualised basis.