US pre-open: Futures mixed following inflation data
By Iain Gilbert
Date: Friday 01 Mar 2024
(Sharecast News) - Wall Street futures were mixed ahead of the final opening bell of what has been another positive month for stocks.
As of 1220 GMT, Dow Jones futures were down 0.09%, while S&P 500 futures were 0.05% weaker and Nasdaq-100 futures had the index opening 0.07% firmer.
The Dow closed 47.37 points higher on Thursday following key inflation figures from the Commerce Department showed the core personal consumption expenditures price index, the Federal Reserve's preferred gauge, had risen 0.4% in January, in line with expectations.
Major averages look set to end another solid month, with an Nvidia-driven artificial intelligence boom and hopes for future interest rate cuts by the central bank both underlining sentiment.
Trade Nation's David Morrison said: "February was a solid month with gains of 2.2%, 5.2% and 6.1% for the Dow, S&P and Nasdaq, respectively. Market sentiment remains bullish, and there seems little appetite for profit-taking. But the upside momentum has slowed. The major indices are trading sideways and look like they need to consolidate further to build up energy necessary for further gains. Traders should keep an eye on the broad-based Russell 2000 index which has failed to make new highs recently. It would boost sentiment if it starts to pick up from here. But it should ring a big warning bell if it now turns lower and fails to confirm a wider bullish mood in stocks."
On the macro front, S&P Global's February manufacturing index will be published at 1445 GMT, while the Institute for Supply Management's manufacturing PMI, monthly construction spending data and the University of Michigan's February consumer sentiment index will follow at 1500 GMT.
No major corporate earnings were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com
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