Last Updated: 4:05 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.47%, 0.54%, and 0.72%, respectively.
On Friday, the University of Michigan released its preliminary results on consumer inflation expectations over the next five years. Consumers now expect inflation to be 3.1%, which was higher than the expected 3% and increased compared to the previous month.
Taking a look at consumer sentiment, results came in at 69, which was higher than the expected 68.3. This is also an increase compared to last month’s reading of 67.9. In addition, consumer expectations came in higher than anticipated. September saw a print of 73 versus the forecast of 71. This was also a jump compared to last month’s result of 72.1.
First Published: 3:16 AM EST
U.S. futures remained stable on Friday morning after another robust trading day on Wall Street. The S&P 500 (SPX) and the Nasdaq Composite extended their winning streak to four consecutive days, driven by gains in mega-cap tech stocks. Meanwhile, futures on the S&P 500 and the Dow Jones Industrial Average (DJIA) were up by about 0.04% and 0.01%, respectively, at 2:59 a.m. EST, September 13, while the Nasdaq 100 (NDX) was down 0.01%.
In regular trading on Thursday, the Dow Jones, the S&P 500, and the Nasdaq Composite climbed 0.58%, 0.75%, and 1% respectively. Furthermore, the three major averages are poised for weekly gains. Week-to-date, the S&P 500, the Nasdaq, and the Dow have gained 3.5%, 5.3%, and 1.9%, respectively.
These gains can be attributed to optimism about the potential interest rate cuts by the Federal Reserve in the next week, buoyed by the release of recent economic reports.
In this regard, August’s Consumer Price Index (CPI) and Producer Price Index (PPI), suggested a moderation in inflation. The CPI for last month came in at 2.5%, the lowest level since February 2021. Similarly, the PPI rose only 0.2% in August, in line with expectations.
Looking ahead, investors will be closely watching August’s import price data today. Additionally, preliminary reading for 5-year Consumer Inflation Expectations is scheduled for release on Friday.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 3.64% at the time of writing. In contrast, the WTI crude oil futures are trending higher, hovering near $69.37 per barrel as of the last check.
Elsewhere, European markets are expected to open higher on Friday as investors assess the impact of the European Central Bank’s (ECB) decision to lower borrowing costs.
Asia Pacific Markets Traded Lower on Friday
Most of the Asia-Pacific markets were down today. A stronger yen pressured Japan’s export-driven economy, causing a drop in stocks.
At the time of writing, Hong Kong’s Hang Seng index was up 0.81%. However, Japan’s Nikkei and Topix indices declined 0.68% and 0.82%, respectively. Moreover, China’s Shanghai Composite and Shenzhen Component indices dropped 0.29% and 0.63%, respectively.
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