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Stocks Advance Pre-Bell Ahead of Key Inflation Report; Asia, Europe Gain
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Stocks Advance Pre-Bell Ahead of Key Inflation Report; Asia, Europe Gain
Aug 30, 2024 4:40 AM

07:17 AM EDT, 08/30/2024 (MT Newswires) -- US equity futures were tracking in the green before the open Friday as traders await the personal income and outlays report for July.

Standard & Poor's 500 rose 0.3%, the Dow Jones Industrial Average added 0.1% and the Nasdaq advanced 0.6% in premarket activity. Asian and European exchanges were pointing higher.

The personal income report is scheduled for an 8:30 am ET release and includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric. Friday's economic calendar also has the Chicago Purchasing Managers' Index data for August at 9:45 am.

The final University of Michigan consumer sentiment report for the current month is out at 10 am, followed by the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm. The farm prices report for July posts at 3 pm.

Shares of Dell Technologies ( DELL ) increased 6.3% pre-bell as the computer maker reported a surprise increase in fiscal second-quarter earnings. Lululemon Athletica ( LULU ) gained 4.1% on the back of a better-than-expected fiscal second-quarter profit. Marvell Technology ( MRVL ) spiked 9.8% while Ulta Beauty ( ULTA ) dropped 8.5% following their quarterly results.

Frontline ( FRO ) , MINISO Group ( MNSO ) and JinkoSolar ( JKS ) report their latest financial statements before the bell, among others.

Before the opening bell, bitcoin inclined 0.3% to $59,557, West Texas Intermediate crude oil ticked up less than 0.1% to $75.92 a barrel, yields on 10-year Treasuries retreated 0.7 basis points to 3.86% and gold edged down 0.3% to $2,552 an ounce.

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