Stock Market Today: Dow futures dip from record high ahead of PCE inflation data
How are stock-index futures trading:
S&P 500 futures are down 0.2%.
Dow Jones Industrial Average futures are dipping 0.1%.
Nasdaq 100 futures are slipping 0.4%.
On Tuesday, the Dow Jones Industrial Average rose 124 points, or 0.28%, to 44,860, the S&P 500 increased 34 points, or 0.57%, to 6,022, and the Nasdaq Composite gained 121 points, or 0.63%, to 19,176.
Futures indicate the Dow Jones Industrial Average and S&P 500 will slip marginally from their record closing levels as traders head into the last session before the Thanksgiving break.
Nasdaq futures are underperforming as investors note that a batch of earnings late Tuesday from tech companies like Dell Technologies, Workday, HP and CrowdStrike, were not well-received by the markets.
The main economic catalyst for the session is likely to be the personal consumption expenditure price index data for October, due for release at 10:00 a.m. Eastern. The PCE is the Federal Reserve’s favored inflation gauge.
Attendance at dealing desks is likely to be thin, with U.S. markets closed Thursday. Equity trading will shut at 1 p.m. and bond markets at 2 p.m. on Black Friday.
“The US stock market narrative is starting to shift,” says Kathleen Brooks, research director at XTB. “Amazon was one of the top performers on Tuesday, as we wait for Black Friday. Sales are expected to reach a record, with more than $270bn expected to be spent in the U.S. this weekend alone. Analysts are expecting a record-breaking weekend for retail sales. If that happens, then we could see a strong run for consumer discretionary stocks into the end of the year.”