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US open: Stocks trade higher ahead of delayed PCE reading
(Sharecast News) - Major indices were in the green early on Friday as investors continued to await the released of September's long-delayed personal consumption expenditures price index. As of 1445 GMT, the Dow Jones Industrial Average was up 0.13% at 47,914.24, while the S&P 500 advanced 0.24% to 6,873.62, and the Nasdaq Composite came out of the gate 0.43% firmer at 23,605.88.
The Dow opened 63.30 points higher on Friday, reversing losses recorded in the previous session.
Traders have priced in nearly 90% odds of a quarter‑point move from the Federal Reserve next week, according to CME FedWatch, following recent softness in labour market indicators.
With that in mind, focus will now turn to the Commerce Department's September PCE report, Federal Reserve's preferred inflation gauge, which was postponed as a result of the Federal government shutdown. Economists expect headline PCE inflation to tick up slightly to around 2.8% year‑on‑year, with core PCE holding near 2.9% - above the Fed's 2% target. Traders will be keen to see whether the data confirms the narrative of cooling price pressures or further complicate the Fed's easing path.
The delayed September personal income and outlays report was rescheduled from 1330 GMT to 1500 GMT as part of the Bureau of Economic Analysis' revised post‑shutdown calendar, with officials staggering releases to avoid clashes with other data.
Elsewhere on the macro front, September consumer spending and income figutres will also be published at 1500 GMT, while a preliminary reading of the University of Michigan's December consumer sentiment index was slated for release at 1500 GMT, and October consumer credit change figures will follow at 2000 GMT.
In the corporate space, Victoria's Secret traded higher after it reported third-quarter sales that came in ahead of expectations, leading the lingerie retailer to hike its full-year outlook, while Netflix shares headed south after the streaming giant struck a deal to buy Warner Brothers Discovery.
Reporting by Iain Gilbert at Sharecast.com
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