Wall Street was poised for modest gains, with investors hoping to see signs of easing inflation in a key indicator due Friday.
U.S. stock index futures traded modestly higher on Friday, as investors looked ahead to an update on the Federal Reserve’s favorite inflation indicator, with major indexes poised for weekly gains.
How are stock-index futures trading? On Thursday, the Dow industrials DJIA rallied 516.91 points, or 1.6%, to 32,637.19, a fifth-straight gain and its longest winning streak since March 18, according to Dow Jones Market Data. The S&P 500 SPX rose 2% to 4,057.84 and the Nasdaq Composite COMP rose 2.7% to 11,740.65.
“Personal spending is expected to be up 0.7% in April, compared with 1.1% in March,” Sophie-Lund Yates, lead equity analyst at Hargreaves Lansdown, told clients in a note. “A weaker number in today’s announcement would give further reason to expect that the Fed’s next rate decision will be to pause, rather than increase – as it suggests inflation’s core is having some of its energy sapped on its own.
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