Dow futures rose 55 points; PCE data in focus

Dow futures rose 55 points; PCE data in focus

 

US stocks are set to open slightly higher on Friday, supported by a reassessment of the Federal Reserve's tightening bias as well as some strong earnings reports from the retail sector.



At 7 a.m. ET (1100 GMT), Dow Futures were up 55 points, or 0.2%, S&P 500 Futures were up 14 points, or 0.3%, and Nasdaq 100 Futures were up 70 points, or equivalent to 0.6%.



Wall Street's main stock indexes rallied on Thursday, with the Dow Jones closing up more than 500 points, 1.6% higher, while the S&P 500 gained 2% and the Nasdaq Composite added 2.7%.


These averages are on track to bounce off a long streak of declines ahead of the Memorial Day holiday, with the Dow and S&P 500 both up 4% higher for the week and the Nasdaq Composite up 3.4% for the week.



Supporting sentiment better this week was the minutes of the Federal Reserve's last meeting, which indicated that the central bank could slow down its tightening if it sees signs of inflation. reduce.



Markets will focus on the core personal consumption spending index, due at 8:30 a.m. ET (1230 GMT), which is the Fed's favorite gauge of inflation trends. The figure is expected to drop to 4.9% year-on-year in April, from 5.2% the previous month.


A series of strong earnings reports from the retail sector also boosted market sentiment this week, with stocks like Macy's (NYSE:M), Williams-Sonoma (NYSE:WSM), Dollar Tree (NASDAQ) : DLTR) and {{erl-20744||Dollar General} } (NYSE: DG) all posted good gains.



Big Lots (NYSE: BIG) will prepare reports, Ulta Beauty (NASDAQ: ULTA), reported better-than-expected quarterly results after Thursday, and Gap (NYSE: GPS), cut its profit guidance profit for the whole year.


Workday (NASDAQ: WDAY) will also be in focus after falling short of earnings forecasts late Thursday and delivering disappointing guidance.

Oil prices fell on Friday, consolidating around two-month highs as demand is expected to pick up at the start of the summer driving season in the United States.


Also supporting the market is the expectation that the European Commission will eventually get the unanimous support of all 27 member states in the bloc for the proposed new sanctions against Russia, despite Hungarian opposition so far.


Before 7 a.m. ET, US crude futures were trading 0.4% lower at $113.67 a barrel, after rising 3.4% in the previous session, while Brent futures traded low more than 0.4% at $113.70, after rising 2.7% on Thursday.


Additionally, gold futures rose 0.4% to $1,855.51 an ounce, while EUR/USD traded 0.2% lower at 1.0699.

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