US stock futures trudged higher Wednesday before a significant day for the US economy that will provide the latest snapshot of the state of inflation and the latest signal on the path of interest rates.
S&P 500 futures (ES=F) built on its 27th record close of the year, rising 0.1%. Futures on the tech-heavy Nasdaq 100 (NQ=F) rose 0.2%, also pointing to gains after a record close for the index. Dow Jones Industrial Average futures (YM=F) gained 0.1%.
Wall Street is set for a one-two punch Wednesday, with the latest reading on consumer prices coming at 8:30 a.m. ET. In the afternoon, the Federal Reserve will unveil its latest decision on interest rates.
The pace of inflation is expected to have eased last month after some hotter-than-expected surprises in the first half of 2024. The Consumer Price Index is expected to show headline inflation of 3.4%, which would match April, according to estimates from Bloomberg. On a "core" basis, which strips out food and gas, prices in May are expected to have risen 3.5% over last year — a slight slowdown from April.
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