U.S. stock futures were edging lower ahead of Monday’s session after the Dow and S&P 500 closed at new record highs, with investors now awaiting the Personal Consumption Expenditures (PCE) data, a key inflation indicator. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were down 0.04%, 0.13%, and 0.08%, respectively, at 1:19 a.m. EDT on September 22.
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Stocks closed higher on Friday, after the Federal Reserve delivered the widely expected 25-basis-point rate cut. The central bank has projected two more rate cuts this year, citing concerns about a weakening job market, moderate economic growth, and persistent, but gradually easing, inflation that remains above the Fed’s 2% target.
Meanwhile, for the week, all three major indexes finished higher. The Dow gained 1%, the S&P 500 rose 1.2%, and the Nasdaq 100 advanced 2.2%, recording a third straight weekly gain.
This week, investor focus will shift to the release of August’s PCE reading, due Friday. The PCE is a closely watched measure of inflation and plays a central role in shaping the Federal Reserve’s monetary policy decisions. Other important economic releases scheduled for the week include the S&P Global Manufacturing PMI and Services PMI for September, new and existing home sales for August, and the third and final estimate of Q2 gross domestic product (GDP).
With the second-quarter earnings season largely over, a few notable companies remain on deck to report this week. The companies in focus are Micron (MU), AutoZone (AZO), Accenture (ACN), CarMax (KMX), and Costco (COST).
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