Stock Market Today: Dow, Nasdaq, S&P 500 Futures Tumble Ahead Of PCE Data—Dell, Marvell, Alibaba Earnings In Focus
U.S. stock futures dropped on Friday following Thursday’s positive moves. Futures of major benchmark indices were trading lower.
Investors are eyeing a fresh cue for the direction on interest rate cuts in September, just ahead of a truncated week due to Labor Day, falling on Monday, Sept. 1. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, is set to land today.
Meanwhile, the latest in President Donald Trump‘s attempt to oust Lisa Cook from the Federal Reserve showed that the Federal Housing Finance Agency Director Bill Pulte filed a second criminal referral against her.
The new allegations relate to a property Cook owns in Cambridge, Massachusetts, and her government ethics filings about various real estate holdings.
The 10-year Treasury bond yielded 4.23% and the two-year bond was at 3.63%. The CME Group's FedWatch tool‘s projections show markets pricing an 85.2% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
Futures
Change (+/-)
Dow Jones
-0.38%
S&P 500
-0.41%
Nasdaq 100
-0.62%
Russell 2000
-0.38%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Friday. The SPY was down 0.33% at $646.75, while the QQQ declined 0.48% to $574.29, according to Benzinga Pro data.
Cues From Last Session
Most sectors on the S&P 500 closed on a positive note, with energy, information technology, and communication services stocks recording the biggest gains on Thursday.
However, utilities and consumer staples stocks bucked the overall market trend, closing the session lower.
This performance helped U.S. stocks settle higher, as the Nasdaq Composite gained more than 100 points during the session and the S&P 500 hit another all-time closing high. Meanwhile, Dow Jones ended at a new record close.
Positive market drivers included an upward revision of U.S. GDP growth for the second quarter to 3.3%, a sharp rebound from the first quarter’s 0.5% contraction.
Dollar General Corp. (NYSE:DG) also reported better-than-expected second-quarter results and raised its FY2025 guidance, while Nvidia Corp. reported upbeat earnings.
The Dow Jones index ended 72 points or 0.16% higher at 45,636.90, whereas the S&P 500 index rose 0.32% to 6,501.86. Nasdaq Composite advanced 0.53% to 21,705.16, and the ...
