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Signs of Softening Inflation Fuel Narrow Premarket Gains for US Equity Futures
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Signs of Softening Inflation Fuel Narrow Premarket Gains for US Equity Futures
Apr 1, 2024 6:23 AM

09:06 AM EDT, 04/01/2024 (MT Newswires) -- US equity futures were little changed premarket Monday as traders returned from a long holiday weekend and weighed fresh inflation data.

Dow Jones Industrial Average futures were marginally higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% higher.

US markets were closed on March 29 for Good Friday, but the US Department of Commerce's Bureau of Economic Analysis released its monthly Personal Income and Outlays report. The report showed core personal consumption expenditures price index gained 0.3% in February versus January's 0.5% increase, while the year-over-year rate slowed to 2.8% from 2.9% in the previous month.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.4% and US West Texas Intermediate crude 0.3% lower.

The final manufacturing Purchasing Managers' Index for March, scheduled for release at 9:45 am ET, is seen coming in at 52.5.

The Institute for Supply Management's manufacturing index for March, slated for 10 am ET, is expected to come in at 48.5 versus February's 47.8 level. Forecasters see a 0.7% increase in construction spending for February following a 0.2% downtick in the prior month.

In other world markets, Japan's Nikkei closed 1.4% lower, and China's Shanghai Composite ended 1.2% higher. The Hong Kong, UK, and German markets were closed for holiday.

In equities, shares of Doma Holdings ( DOMA ) were up over 34% in recent Monday premarket activity on a pending takeover by Title Resources Group. Xilio Therapeutics ( XLO ) stock was 29% higher after the company secured a license deal with Gilead Sciences ( GILD ) for an anti-tumor therapy.

On the losing side, Fractyl Health ( GUTS ) shares were down 21% in recent Monday premarket activity after the company reported a wider Q4 net loss. Vivos Therapeutics ( VVOS ) stock was 19% lower after the company late Thursday reported lower annual revenue for the year ended Dec. 31.

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