U.S. stock futures were edging lower early Friday after the S&P 500 (SPX) closed at a new record high yesterday, driven by renewed optimism in the artificial intelligence (AI) market. Meanwhile, investors are awaiting data on the Personal Consumption Expenditures (PCE) Price Index for July, a key inflation gauge closely watched by the Federal Reserve.
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Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.33%, 0.22%, and 0.26%, respectively, at 4:11 a.m. EST on August 29.
During Thursday’s regular trading session, all three major indexes finished in positive territory. The Nasdaq 100, the S&P 500, and the Dow Jones Industrial Average gained 0.58%, 0.32%, and 0.16%, respectively. Snowflake (SNOW) stock also surged over 20% in regular trading, following solid beat-and-raise results for the second quarter.
After the markets closed yesterday, Dell Technologies (DELL) fell 5.3% despite its strong Q2 beat and raised guidance. Moreover, Marvell Technology (MRVL) stock plunged over 11% following its lukewarm Q2 beat and guidance.
On the economic front, investors are awaiting key reports, including the PCE data. Experts are predicting a 0.2% rise in July over the prior month and a 2.6% year-over-year increase.
There are no important earnings reports scheduled for today, except for Chinese e-commerce giant Alibaba (BABA).
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.21%. WTI crude oil futures were trending lower, hovering near $64.15 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,467 per ounce on Friday.
Elsewhere, European stocks opened lower as investors await inflation data from France, Spain, Italy, Germany, and the U.S.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed today amid economic data releases from various regions. Meanwhile, India’s Prime Minister Narendra Modi is set to meet China’s President Xi Jinping for the 25th Shanghai Cooperation Organization summit over the weekend. This will be his first visit to China in seven years and raises hopes of a bilateral meeting between the two leaders.
Hong Kong’s Hang Seng index gained 0.47%. In China, the Shanghai Composite advanced 0.37%, while the Shenzhen Component rose 0.42%. Meanwhile, Japan’s Nikkei fell 0.26%, and the Topix lost 0.47%.
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