Key facts
- U.S. stock index futures extended gains slightly on Thursday.
- The PCE Price index fell 0.1% in June, with an annual rate of 3.7%.
- The core PCE reading increased 0.1% monthly, and was 3.3% annually.
- The U.S. economy grew 1.5% in the second quarter, below the 2.1% estimate.
- Initial jobless claims were 197,000 for the week ended July 25.
- Dow E-minis rose 0.45%, S&P 500 E-minis rose 0.66%, and Nasdaq 100 E-minis rose 1.48%.
U.S. stock index futures extended modest gains on Thursday as investors parsed a batch of economic data, including inflation figures and second-quarter gross domestic product estimates.
The Commerce Department reported that the Personal Consumption Expenditures (PCE) Price index, the Federal Reserve's preferred inflation gauge, decreased by 0.1% in June, matching economists' expectations. On an annual basis, the PCE index stood at 3.7%, in line with forecasts. The core PCE reading, which excludes volatile food and energy prices, rose 0.1% month-over-month, below the expected 0.2% increase, and was 3.3% year-on-year, matching expectations.
In separate data, the advance gross domestic product report indicated that the U.S. economy expanded at a 1.5% annualized rate in the second quarter, falling short of the 2.1% growth anticipated by economists. Additionally, initial jobless claims for the week ended July 25 came in at 197,000, slightly better than the 200,000 forecast.
As of 8:31 a.m. ET, Dow E-minis were up 231 points (0.45%), S&P 500 E-minis were up 48.25 points (0.66%), and Nasdaq 100 E-minis were up 404 points (1.48%).