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All
eyes will be on the core personal consumption expenditure price
index for August, a closely watched metric by the Fed to gauge
spending patterns amid rising price pressures.
It is seen rising 0.5% compared to a 0.1% increase in July and
is due at 8.30 a.m. ET.
Investors will also keenly listen to commentaries from Fed Vice
Chair Lael Brainard, Governor Michelle Bowman, Richmond
President Thomas Barkin and New York President John Williams for
further clues on the central bank's aggressive monetary policy.
The U.S. central bank's ultra-hawkish stance on interest rate
hikes have sharply affected market sentiment for risk-taking,
with all the three major indexes now in bear market and set for
their third straight quarterly decline.
The Dow Jones Industrial Average was set for its worst month
since pandemic lows. The S&P 500 has slumped nearly 8% so far in
September, testing its lowest level since November 2020, while
the Nasdaq has lost over 9% during the month and tested its
lowest level in two years.
At 6:49 a.m. ET, Dow e-minis were up 150 points, or 0.51%, S&P
500 e-minis were up 23.5 points, or 0.64%, and Nasdaq 100
e-minis were up 67.25 points, or 0.6%.
Nike Inc slid 10% in premarket trading after the world's largest
sportswear marker warned that gross margins would remain under
pressure this year due to ramped up discounts and a rapidly
strengthening dollar.
Shares of rate-sensitive Tesla Inc, Apple Inc, Amazon.com, Meta
Platforms, Alphabet Inc and Microsoft Corp were up a little less
than 1% each, as the yield on the U.S. 10-year Treasury note
slipped to a one-week low of 3.682%. [US/]
(Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru;
Editing by Arun Koyyur)
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