Equity futures rose on Friday as investors awaited an update to the Federal Reserve’s preferred inflation gauge, with the need to ease price pressures remaining top policymakers.
Futures on the S&P 500 (^GSPC) rose almost 0.4%, while those on the Dow Jones Industrial Average (^DJI) rose around 0.3%. Nasdaq Composite (^IXIC) futures were about 0.5% higher.
The focus is on May’s personal consumption expenditure (PCE) reading expected later, after a surprise upward revision to first-quarter GDP showed the US economy is much stronger than before. Wall Street thought so. Growing confidence in this strength has helped fuel the rally in equities this year, although this resilience likely means rates will stay higher for longer.
Friday is a key trading day – the last of the second quarter and first half of 2023. All three major equity indices are on track for strong performance for both periods.
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