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US Stock Futures Rise Ahead of Key Inflation Data Release

US stock futures are on the rise on Friday as investors await an important inflation reading that will impact Federal Reserve policy decisions. The market is evaluating signs of a slowdown in the US economy and processing the aftermath of the recent Biden-Trump debate.

S&P 500 futures (ES=F) have seen a 0.4% increase following a strong performance that brought the benchmark closer to its record high. Nasdaq 100 (NQ=F) contracts have also risen by 0.4%, while Dow Jones Industrial Average futures (YM=F) are slightly above the flatline.

This positive movement comes after a volatile week where the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) rebounded from a three-day losing streak. Despite a solid start to the year, concerns of a potential pullback in the second half of the year have emerged.

The upcoming US election in November adds to the market’s uncertainty, especially after President Biden’s lackluster performance in the debate against Donald Trump. Trump’s proposed policies, including tax cuts and trade restrictions, are viewed favorably for the stock market, as evidenced by the surge in Trump Media & Technology Group (DJT) shares in pre-market trading.

Amidst economic data indicating a slowdown, the focus is now on May’s Personal Consumption Expenditures price index report, which is the Fed’s preferred measure of inflation. A lower-than-expected increase in “core” PCE could prompt the Fed to consider interest rate cuts, as investors monitor the potential impact on the market.

Additionally, concerns about weakening consumer resilience have been raised as key companies like Nike (NKE) and Walgreens (WBA) report disappointing sales outlooks. Nike’s stock plummeted nearly 15% in pre-market trading, while Walgreens shares continued to face pressure following a significant drop the previous day.

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