Stock Market Today: Positive Economic Data Sparks Rally in Dow, S&P 500, and Nasdaq Ahead of PCE Inflation Report
Positive Economic Data Boosts Market Sentiment
As summer wanes, investors are finding reasons to cheer. The latest economic data, indicating strong consumer spending, has fueled optimism ahead of the PCE inflation report.
Market Movement Overview
- S&P 500 futures up 0.4% – poised for fourth consecutive month of gains.
- Nasdaq 100 contracts increase by 0.7%.
- Dow Jones Industrial Average futures rise by 66 points (0.2%).
These gains follow a revision from the Commerce Department's Bureau of Economic Analysis, which reported that the U.S. economy expanded by 3% in Q2, up from 2.8%.
Jobless Claims and Inflation Data
Additionally, jobless claims data exceeded Wall Street forecasts, alleviating concerns about the U.S. labor market.
Investors are also eager for upcoming data, including the PCE price index—a key measure of inflation favored by the Federal Reserve.
Oil Prices and Bond Yields
- Oil prices surged as disruptions in Eastern Libya's production are considered.
- Brent crude rose 0.8%, reaching $79.43 a barrel.
- 10-year Treasury yield slightly increased to 3.868%.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.