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Wall Street rises ahead of US inflation report, Nike falls on gloomy outlook
Wall Street forecast a slightly higher opening Friday, ahead of the release of a key inflation report that could influence the Federal Reserve's next interest rate decision.
Dow Jones Industrial Average futures gained 0.1% and S&P 500 futures rose nearly 0.4%.
Nike shares fell 15% after the athletic shoe and apparel maker missed Wall Street revenue targets and cut its full-year sales forecast. Company executives said they expect sales to decline by single digits in the current fiscal year, citing a challenging environment.
Nike's dour outlook dragged other sports apparel companies down with it. Foot Locker fell 5.7%, Skechers fell 3.7% and Under Armour fell 2.8% in after-hours trading.
The U.S. stock market has been sluggish this week ahead of the government's next influential inflation report on Friday. The personal consumption expenditures (PCE) index is the Fed's preferred measure of inflation.
Economists expect the report to show a slight slowdown in inflation to 2.6% in May, from 2.7% in April. That's down from PCE's peak of 7.1% in mid-2022. Other measures of inflation, including the consumer price index, have also declined significantly over the past two years.
The latest inflation updates could influence decision of central banks on when interest rates will begin to fall, which remain at their highest level in more than 20 years and are having repercussions around the world. Wall Street is betting that the central bank will start cutting interest rates at its September meeting.
A government update said the american economy has grown at an annual rate of 1.4% from January to March. This figure is a slight revision from a previous estimate of 1.3%. This is the slowest quarterly growth since spring 2022.
A slowdown in consumer spending could help further dampen inflation, but too much of a slowdown could have more painful consequences for the economy. The Federal Reserve is trying to synchronize its efforts to bring inflation back to its 2% target without slowing the economy enough to send it into recession.
The French CAC 40 index fell 0.4% at midday in Europe, while the German DAX gained 0.6%. The British FTSE 100 rose 0.5%.
In Asia, the Japanese benchmark Nikkei 225 index rose 0.6% to finish at 39,583.08 points. The Australian S&P/ASX 200 index rose 0.1% to 7,767.50 points. South Korea's Kospi rose 0.5% to 2,797.82 points. Hong Kong's Hang Seng was little changed, rising less than 0.1 percent to 17,718.61 points, while the Shanghai Composite jumped 0.7 percent to 2,967.40 points.
In Japan, the government announced that industrial production was stronger than expected in May at 2.8% and the unemployment rate was unchanged from the previous month at 2.6%.
In energy trading, the barrel of U.S. crude oil, the international benchmark, gained 77 cents to $82.51. Brent, the international benchmark, gained 65 cents to $85.91.
In currency trading, the U.S. dollar fell to 160.63 Japanese yen from 160.77 yen. The euro costs $1.0701, up from $1.0704.
On Thursday, the S&P 500 edged up 0.1% and the Nasdaq composite edged up 0.3%. The Dow Jones Industrial Average rose 0.1%.
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