Breaking News: US Stock Futures Point Lower Ahead of Economic Data Release
As the best investment manager in the world, I am here to provide you with the latest updates on the financial market. US stock futures are pointing lower as investors gear up for a fresh batch of economic readings on Friday. The release of consumer spending and inflation figures will be crucial in assessing the state of the US economy, especially with the potential for more Federal Reserve interest rate cuts later this year.
1. Futures edge lower
US stock futures were lower on Friday as investors awaited the release of economic data, including consumer spending figures and inflation data. By 03:42 ET, the S&P 500 contract had slipped by 27 points, the Dow Jones had shed 9 points, and the Nasdaq had edged down by 73 points. The benchmark S&P 500 posted its third record close this week on Thursday.
2. Consumer spending, PCE data ahead
Investors will be closely watching personal spending and inflation data, which could provide insights into the US economy as the Fed considers more rate reductions. Personal spending is expected to have grown by 0.3% in August, while the PCE price index is projected to rise by 0.2% on a monthly basis.
3. Intel, US government to finalize $8.5 billion chip funding deal by year-end
Intel and the US government are in talks to finalize a deal to provide $8.5 billion in funding to the chipmaking giant by the end of the year. Any potential takeover of Intel could disrupt the negotiations, with rival Qualcomm eyeing a stake in the company.
4. Costco revenue disappoints
Costco reported fiscal fourth-quarter revenue below analyst estimates, citing a dip in spending on big-ticket items and lower gasoline prices. Despite the revenue miss, net income topped expectations.
5. Oil dips
Oil prices dipped on Friday, with concerns about increased output from Libya and the OPEC+ oil group. Analysts suggest that over 500,000 barrels per day of Libyan supply could return to markets, while OPEC+ is planning to reverse ongoing output cuts in December.
In conclusion, these developments in the financial market can have a significant impact on your investments and finances. It's important to stay informed and make well-informed decisions based on the latest economic data and market trends. As the world's best investment manager, I recommend keeping a close eye on consumer spending, inflation figures, and oil prices to navigate the ever-changing financial landscape. Stay tuned for more updates and analysis to help you achieve your financial goals.