Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Dow Futures Up 55 Pts; Core PCE Data in Focus

Stock Markets May 27, 2022 13:18
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Peter Nurse    

Investing.com -- U.S. stocks are seen opening slightly higher Friday, rallying into the long weekend, helped by a reassessment of the Federal Reserve’s tightening bias as well as some strong retail sector earnings.

At 7 AM ET (1100 GMT), the Dow Futures contract was up 55 points, or 0.2%, S&P 500 Futures traded 14 points, or 0.3%, higher and Nasdaq 100 Futures climbed 70 points, or 0.6%.

The main equity indices on Wall Street posted strong gains Thursday, with the blue-chip Dow Jones Industrial Average closing over 500 points, or 1.6%, higher, while the broad-based S&P 500 gaining 2% and the tech-heavy Nasdaq Composite rising 2.7%.

These averages are on track to snap long losing streaks ahead of the Memorial Day holiday, with the Dow and S&P 500 both over 4% higher for the week and the Nasdaq Composite up 3.4% on the week.

Helping the better tone this week has been the take-away from the minutes of the last Federal Reserve meeting, which indicated that the central bank could slow down its tightening if it sees signs inflation is on a downward trend. 

This puts the spotlight on the release of the core personal consumption expenditure index, at 8:30 AM ET (1230 GMT), which is the Fed's preferred measure of inflationary trends. This is expected to fall to 4.9% on an annualized basis in April, from 5.2% the previous month.

A batch of strong earnings from the retail sector has also boosted market sentiment this week, with the likes of Macy’s (NYSE:M), Williams-Sonoma (NYSE:WSM), Dollar Tree (NASDAQ:DLTR) and Dollar General (NYSE:DG) all posting healthy gains.

Retail earnings continue Friday, with Big Lots (NYSE:BIG) due to report, but there will also be attention on Ulta Beauty (NASDAQ:ULTA), which reported better-than-expected quarterly results after the close Thursday, and Gap (NYSE:GPS), which slashed its full-year profit guidance. 

Workday (NASDAQ:WDAY) will also be in focus after missing earnings forecasts late on Thursday and giving disappointing guidance.

Oil prices edged lower Friday, consolidating around a two-month high on expected demand growth at the start of the summer driving season in the United States.

Also propping up the market is the continued expectation that the European Commission will eventually obtain the unanimous support of all 27 bloc member states for its proposed new sanctions against Russia, despite Hungary’s opposition to date.

By 7 AM ET, U.S. crude futures traded 0.4% lower at $113.67 a barrel, after gaining 3.4% during the previous session, while the Brent contract traded 0.4% lower at $113.70, after a gain of 2.7% on Thursday.

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

Dow Futures Up 55 Pts; Core PCE Data in Focus
 

Related Articles

Trump Media Company in Federal Probe of SPAC Deal
Trump Media Company in Federal Probe of SPAC Deal By Investing.com - Jul 01, 2022

By Yasin Ebrahim  Investing.com -- Donald Trump’s media company was subpoenaed by a federal grand jury earlier this week relating to a criminal probe, Digital World Acquisition...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email