Investing.com – U.S. stock futures rose modestly in after-hours trading on Sunday, with Wall Street indexes remaining near record highs as investors watched key inflation data this week for more interest rate signals.
Wall Street was reeling from a stronger-than-expected Purchasing Managers’ Index performance over the past week, fueling concerns that the U.S. economy remains resilient, giving the Federal Reserve more room to keep rates high.
by 19:20 ET (2320 GMT) was up 0.1% to 5,538.75 points and 0.2% to 20,020.50 points. stabilized at 39,582.0 points.
PCE inflation expected this week
Markets were focused mainly on the release coming this Friday.
The reading is the Fed’s preferred measure of inflation and will likely be tied to the central bank’s stance on cutting interest rates.
PCE figures are expected to show inflation eased slightly in May but remained well above the Fed’s annual target of 2%.
Expectations of a possible interest rate cut sent Wall Street indexes to record highs in June, even as the Federal Reserve signaled that persistent inflation and a strong economy reduced the chances of such a scenario.
Wall Street also appears to be expecting some profit-taking, especially in the technology sector, after stellar growth this year.
The index fell 0.2% to 5,464.62 on Friday and fell 0.2% to 17,693.38 on Friday. The result remained at 39,150.33 points.
Fedex, Micron’s profit is rumored
This week also saw the release of some key quarterly earnings reports.
Delivery and logistics company FedEx Corporation (NYSE:), whose earnings are also considered an indicator of global economic activity, will report earnings Tuesday for the quarter ended May.
Memory chip maker Micron Technology Inc (NASDAQ:) is set to report quarterly earnings on Wednesday after forecasting a big jump in demand from the fast-growing artificial intelligence industry.
Sportswear manufacturer Nike Inc (NYSE:) and pharmaceutical retailer Walgreens Boots Alliance Inc (NASDAQ:) will report earnings on Thursday.