U.S. stock futures were flat on Thursday evening as investors looked forward to the Personal Consumption Expenditures (PCE) report, the Fed’s preferred inflation gauge. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.07%, 0.13%, and 0.12%, respectively, at 6:38 p.m. EDT on March 12.
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Forget margin or options. Here's how the pros trade QQQMajor indices fell sharply on Thursday’s regular trading session as oil prices jumped on renewed worries about supply disruptions. The Nasdaq, the Dow, and the S&P 500 dropped 1.8%, 1.6%, and 1.5%, respectively.
The fall came after Iran’s new Supreme Leader, Mojtaba Khamenei, stated that the Strait of Hormuz should remain closed to pressure enemies. Following this, global benchmark Brent crude surged over 9% to settle at $100.46 per barrel, its first close above $100 since 2022.
Coming to the PCE report, consensus expects headline PCE to rise 0.3% month over month and 2.9% from a year ago. Core PCE is projected to increase 0.4% for the month and 3.1% annually.
Further, Q4 GDP (First Revision) will also be released tomorrow. Markets are looking for a revision to the 1.5% growth rate. In addition, the JOLTS Job Openings report on Friday will provide a deeper look into labor demand (job vacancies) for January.