U.S. stock futures paused on Friday after two days of strong gains as traders awaited the latest data on inflation.
What’s happening
- Dow Jones Industrial Average futures YM00, +0.21% rose 15 points, or 0.1%, to 33059.
- S&P 500 futures ES00, +0.16% gained 4 points, or 0.1%, to 4084.
- Nasdaq 100 futures NQ00, -0.05% increased 4 points, or 0%, to 13086.
On Thursday, the Dow Jones Industrial Average DJIA, +0.43% rose 141 points, or 0.43%, to 32859, the S&P 500 SPX, +0.57% increased 23 points, or 0.57%, to 4051, and the Nasdaq Composite COMP, +0.73% gained 87 points, or 0.73%, to 12013.
The S&P 500 has climbed for seven of the past nine trading days.
What’s driving markets
Equities have bounced this week as fears about the banking sector have subsided. Data released after the close on Thursday showed less usage of Federal Reserve lending facilities, and flows to money-market funds over the past week eased to a still large $66 billion.
The Fed’s preferred measure of inflation, the PCE price index, is due for release alongside the latest numbers on consumer spending and personal income.
Economists polled by The Wall Street Journal expect the core measure of PCE, which excludes energy and food, to rise 0.4% for February after 0.6% growth in January.
“It’s no secret that the FOMC watches this particular data set more closely than most when it comes to inflation gauges, and if we see a softer reading, I expect markets would see this is a signal to continue with the risk-on theme (on heightening expectations of a Fed pause on rates,)” wrote Tim Waterer, chief market analyst at Kohle Capital Markets.
New York Fed President John Williams will be speaking at 3:05 p.m.
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