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Stock Market Today: Live Updates
Traders work on the floor of the New York Stock Exchange on June 18, 2024.
Spencer Platt | Getty Images News | Getty Images
S&P 500 Futures Prices rose Friday as traders digested recent personal consumption expenditures price index data that indicated a slowdown in inflation. They also counted down the days until the end of what has been a strong first half.
Futures contracts tied to the broad market index rose 0.4%, while Nasdaq-100 Futures Contracts gained 0.5%. Dow Jones Industrial Average Futures added 30 points, or 0.1%.
Nike Shares fell more than 14% in premarket trading after the sporting goods retailer cut its full-year forecast. Foot locker Shares fell 5.3% in sympathy.
Inflation slowed to its lowest annual rate in more than three years in May, the Commerce Department reported Friday. Core PCE, which excludes more volatile food and energy prices, rose just 0.1% last month and 2.6% from a year earlier. Both estimates were in line with Dow Jones consensus estimates. Core PCE is the Federal Reserve’s preferred measure of inflation.
Inflation statistics have been seen as paramount by market participants as they try to guess when the Fed will begin cutting interest rates. Traders currently rate a 59.5% chance that the central bank will cut rates at its September meeting, according to the CME Group's FedWatch tool.
The market manager concludes the first six months of 2024 with Friday's close. It is a day full of important data, as it marks the end of the trading week, month, quarter and half-year.
The performance of the S&P 500, Dow Jones and Nasdaq Composite in 2024
The tech-heavy Nasdaq Composite led the way in the first half, climbing about 19% as the artificial intelligence hype got investors excited. The broad-based S&P 500 jumped nearly 15%, while the blue-chip Dow Jones lagged with a gain of just under 4%.
The AI theme “has taken over this entire year and really propelled focus across the entire market,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments. “It made for a very good year.”
The Dow Jones' underperformance can be explained in part by an idiosyncratic decline in the second quarter. The Dow Jones fell more than 1.6% during the period, while the S&P 500 and Nasdaq gained more than 4% and 9%, respectively, during the same period.
All three gained ground in June. The Nasdaq once again led the way with a monthly gain of more than 6%. The S&P 500 and the Dow Jones gained more than 3% and 1%, respectively.
This week alone, the Nasdaq is up almost 1%. The S&P 500 is up about 0.3%, while the Dow is near its flat line.
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