Investing.com — U.S. stock index futures were slightly higher in evening trading Sunday, keeping Wall Street indexes near record highs as investors looked to key inflation data this week for further clues on interest rates.
Wall Street is reeling from better-than-expected purchasing managers’ index data last week, raising concerns that the U.S. economy will remain strong and give the Federal Reserve more leeway to keep interest rates high.
It was up 0.1% to 5,538.75 points and up 0.2% to 20,020.50 points at 19:20 ET (23:20 GMT) after stabilizing at 39,582.0 points.
PCE Inflation Expected This Week
Market attention was mainly focused on the scheduled this Friday.
This figure is the Fed’s preferred inflation gauge and is likely to lead to the central bank’s interest rate cuts.
The PCE index is expected to show inflation slowing slightly in May, but remaining well above the Fed’s 2% target for the year.
The Fed had suggested such a scenario was unlikely due to high inflation and a strong economy, but expectations that interest rates would eventually be cut sent Wall Street stock indexes hitting record highs through June.
Wall Street also appears to be seeing some profit-taking, particularly in the technology sector, following this year’s impressive rally.
The fell 0.2% to 5,464.62 points on Friday, while the declined 0.2% to 17,693.38 points. The was flat at 39,150.33 points.
FedEx, Micron earnings expected
Several important quarterly earnings announcements were also scheduled for this week.
Delivery and logistics company FedEx Corp (NYSE:), whose earnings are also seen as a gauge of global economic activity, is due to report earnings for the quarter that ended in May on Tuesday.
Memory chip maker Micron Technology Inc. (NASDAQ:) is due to report quarterly earnings on Wednesday, expecting a big boost in demand from the fast-growing artificial intelligence industry.
Sports apparel manufacturer Nike Walgreens Boots Alliance Inc. (NYSE:) and drug retailer Walgreens Boots Alliance Inc. (NASDAQ:) are scheduled to report earnings on Thursday.
