US pre-open: Futures lower ahead of August PCE reading
By Iain Gilbert
Date: Wednesday 30 Sep 2026
(Sharecast News) - Wall Street futures were in the red ahead of the opening bell on Wednesday as market participants looked ahead to the release of the Federal Reserve's preferred inflation gauge later this morning.
As of 1230 BST, Dow Jones futures were down 0.19%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.14% and 0.29% weaker, respectively.
The Dow closed 131.59 points lower on Tuesday as equities came under pressure from rising Treasury yields.
Comments from New York Fed president John Williams were in focus prior to the open, with the policymaker saying late on Tuesday that "there is no need for urgency" and that the central bank has time to assess incoming data ahead of its October meeting. His remarks appeared to steady sentiment and temper expectations for further tightening. According to the CME FedWatch tool, markets were now pricing a 49% chance of a quarter‑point rate rise next month, down from 71% on Monday.
As for Wednesday's primary focus, attention will now turn to August's personal consumption expenditures price index - the central bank's preferred inflation gauge - with economists expecting a 0.3% monthly uptick and a 3.7% annualised increase.
Elsewhere on the macro front, US mortgage applications fell sharply in the week ended 25 September as rising borrowing costs continued to weigh on demand, according to the Mortgage Bankers Association. Applications declined 6%, marking a fourth straight weekly drop, as the average rate on 30‑year fixed conforming mortgages climbed to 7.30% from 7.12%. Applications to refinance a mortgage fell 13%, while applications to purchase a home slipped 4%.
Still to come, September's ADP employment change figures will be out at 1315 BST, while a reading of second-quarter GDP will be released at 1330 BST, as will August personal spending, wholesale inventories and goods trade balnce prints, while Septemner's Chicago purchasing managers index will follow at 1445 BST.
In the corporate space, Micron Technology will report its latest quarterly earnings after the close of trading.
Reporting by Iain Gilbert at Sharecast.com
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