Stock Market News Today, 5/31/24 – Futures Higher Ahead of PCE Data

U.S. futures inched lower on Friday morning as investors awaited the release of the U.S. Personal Consumption Expenditures (PCE) data later today. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 0.33%, 0.19%, and 0.05%, respectively, at 2:34 a.m. EST, May 31.

All three major indices ended yesterday’s trading session in negative territory. Perhaps, a weaker-than-expected first-quarter GDP estimate may have hurt investor sentiment. On the other hand, benchmark indices are headed to end the month on a strong note. The Dow Jones, S&P 500, and Nasdaq Composite are up 0.8%, 4%, and 7%, respectively.

Following the release of the GDP report, traders are now looking forward to today’s PCE data. Experts predict core inflation to have grown by 0.3% in April, while the annualized reading is pegged at 2.8%. Interestingly, the data point is pivotal in determining this year’s interest rate cut trajectory, particularly if inflation surpasses current expectations. Meanwhile, last month’s Personal Income and Spending data are also scheduled for release today.

Meanwhile, the U.S. 10-year treasury yield is down, floating near 4.55% at the time of writing. Also, the WTI crude oil futures are trending lower, hovering near $77.78 per barrel as of the last check.

Elsewhere, European markets are expected to open lower today, with investors looking forward to the release of key inflation data by several economies, including the U.S. and the Eurozone.

Asia Pacific Markets Traded Higher on Friday

Asia-Pacific indices were trading higher today as investors evaluated a slew of economic data from Japan and China.

At the time of writing, Hong Kong’s Hang Seng index was up 0.16%. Further, China’s Shanghai Composite and Shenzhen Component indices were trading higher by 0.04% and 0.05%, respectively. Japan’s Nikkei and Topix indices finished higher by 1.14% and 1.73%, respectively.

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