Top US Stock Futures Hover Below Flatline Ahead of Economic Readings | Friday Market Update
As the best investment manager and financial market journalist, I am here to provide you with all the latest updates on US stock futures and what to expect from the upcoming economic data releases. Stay informed and stay ahead in the market!
1. Futures Muted: US stock futures are holding steady as investors await key economic data on consumer spending and inflation. By 06:31 ET, the contract was mostly unchanged, had shed 5 points, and had edged down by 43 points.
2. Consumer Spending, PCE Data Ahead: Keep an eye on personal spending and inflation data, which will give insights into the health of the US economy. Personal spending is expected to grow by 0.3% in August, while the PCE price index is projected to rise by 0.2%.
3. Intel, US Government Chip Funding Deal: Intel and the US government are finalizing an $8.5 billion chip funding deal. Talks are in advanced stages, with a potential agreement by the end of the year. Any takeover of Intel could disrupt the negotiations.
4. Costco Revenue Disappoints: Costco reported revenue below analyst estimates, citing a decline in big-ticket item spending and lower gasoline prices. Shares dipped in after-hours trading. Chief financial officer noted a shift in consumer spending behavior towards seeking bargains.
5. Oil Choppy: Oil prices are rebounding from earlier losses, with China stimulus measures and potential output increases from Libya and OPEC+ group in focus. Stay tuned for updates on oil market dynamics.
In conclusion, stay informed about the latest market trends and economic data to make informed investment decisions. Keep an eye on consumer spending, inflation figures, and corporate earnings reports for a comprehensive view of the market landscape. Remember, knowledge is power in the world of finance.