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Stock futures climbed on Friday, as investors waited for an update on the Federal Reserve’s preferred inflation gauge, with the need to cool price pressures still the priority for policymakers.
Futures on the S&P 500 (^GSPC) were up almost 0.4%, while those on the Dow Jones Industrial Average (^DJI) added around 0.3%. Futures on the Nasdaq Composite (^IXIC) were about 0.5% higher.
In focus is the May reading on personal consumption expenditures (PCE) due later, after a surprise upward revision to first-quarter GDP showed the US economy is a lot stronger than Wall Street thought. Growing faith in that strength has helped drive this year’s rally in stocks, even though that resilience likely means rates will stay higher for longer.
Friday is a key trading day — the last in the second quarter and in the first half of 2023. All three major stock benchmarks are on track to log strong performances for both periods.
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