February 29, 2024
Finance

US futures edge higher with CPI revision in focus


US stock futures traded in the green on Friday, pointing to another record-setting session but with a revision of 2023 inflation data ahead that could spoil the party.

S&P 500 (^GSPC) futures rose roughly 0.2% after Thursday’s hard-won record close put the benchmark within three points of ending above 5,000 for the first time. Dow Jones Industrial Average (^DJI) futures hovered above the flatline, while contracts on the tech-heavy Nasdaq 100 (^NDX) led the way higher, up 0.3%.

A stream of well-received quarterly earnings has buoyed stocks in a week thin on economic updates, which have been driving shifts in direction thanks to their importance to the Federal Reserve’s thinking on policy.

Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards

Given that, investors will watch the revisions to the 2023 consumer price index on Friday more closely than usual, after seasonal adjustments a year ago erased previously measured gains. Fed officials have stressed they’re taking the time to check price pressures really are cooling before making any interest rate cuts, so verification of recent pullbacks is key.

PepsiCo (PEP) results take center stage on Friday as the pace of corporate earnings starts to slacken. Shares in the slipped almost 2% in premarket trading after the soda and snacks giant’s sales missed Wall Street estimates amid price hikes.



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