Investing.com – Major U.S. stock indices were mostly higher in pre-market trading on Friday ahead of the May PCE data release.
The was flat, the rose 0.34% and the S&P 500 gained 0.27%. The yield on the 10-year U.S. Treasury bond remained above 4.3%.
The PCE inflation index for the year is expected to be slightly lower than the 2.8% recorded in April. Later today, the University of Michigan will also release its consumer sentiment report for June.
In addition to inflation and upcoming Fed decisions, financiers are closely following political developments, including the debate between Joe Biden and Donald Trump. Analysts believe that this debate favored Trump, increasing his electoral chances.
In response, the US dollar hit its highest level since November, and the S&P 500 index advanced to new highs, poised to rise further on Friday if inflation data does not disrupt the positive trend.
On the individual stock side, shares of Walgreens Boots Alliance remained under pressure in pre-market trading. The stock fell 22% on Thursday, following Walgreens’ announcement of disappointing results, a downward revision of its outlook, as well as its intention to close numerous stores.
Shares of Trump Media & Technology rose 6% in premarket trading following the presidential debate yesterday.
Nike (NYSE:) reported an unexpected drop in quarterly sales and cut its full-year revenue forecast, citing lower store traffic and a sluggish Chinese economy. Shares fell 14% before the open.
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