{"id":14154,"date":"2023-05-26T10:05:12","date_gmt":"2023-05-26T14:05:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-stocks-set-to-open-higher-despite-hot-inflation-read-as-technology-sector-marches-higher\/"},"modified":"2023-05-26T10:05:13","modified_gmt":"2023-05-26T14:05:13","slug":"u-s-stocks-set-to-open-higher-despite-hot-inflation-read-as-technology-sector-marches-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14154","title":{"rendered":"U.S. stocks set to open higher despite hot inflation read as technology sector marches higher"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002106616\" role=\"document\">\n<p>U.S. stock index futures looked set to open slightly higher despite a stronger-than-expected reading on April inflation as technology stocks continued to march higher. <\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      Dow Jones Industrial Average futures<br \/>\n        YM00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210407078\/delayed\" class=\"positive\">+0.61%<\/bg-quote><br \/>\n       were up 37 points, or 0.1%, to 32845.<\/p>\n<\/li>\n<li>\n      S&amp;P 500 futures<br \/>\n        ES00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209948968\/delayed\" class=\"positive\">+0.60%<\/bg-quote><br \/>\n       rose 6 points, or 0.1%, to 4165.<\/p>\n<\/li>\n<li>\n      Nasdaq 100 futures<br \/>\n        NQ00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210219788\/delayed\" class=\"positive\">+1.04%<\/bg-quote><br \/>\n       increased by 38 points, or 0.3%, to 14015.<\/p>\n<\/li>\n<\/ul>\n<p>On Thursday, the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.66%<\/bg-quote><br \/>\n       fell 35 points, or 0.11%, to 32765, the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.65%<\/bg-quote><br \/>\n       increased 36 points, or 0.88%, to 4151, and the Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+0.98%<\/bg-quote><br \/>\n       gained 214 points, or 1.71%, to 12698.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>U.S. stocks looked set to open modestly higher on Friday even after a reading on the Federal Reserve\u2019s preferred inflation gauge showed prices rose by more than economists had expected last month, causing equity futures to pare some of their gains from earlier in the session.  <\/p>\n<p>The PCE price index showed core inflation rose 0.4% in April, more than the 0.3% increase that economists had expected. Core inflation strips out volatile food and energy prices. The yearly increase in prices rose to 4.4% from 4.2% in the prior month.<\/p>\n<p>Consumer spending jumped 0.8% in April \u2014 the biggest increase in three months \u2014 as Americans bought more new cars and drugs and increased outlays on services.<\/p>\n<p>Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said inflation appeared to be moving \u201cin the wrong direction\u201d at the start of the second quarter. <\/p>\n<p>A day earlier, a surge in technology stocks driven by Nvidia\u2019s<br \/>\n        NVDA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200467500\/composite\" class=\"positive\">+0.10%<\/bg-quote><br \/>\n       optimistic, artificial intelligence-fueled outlook for sales in the second quarter had helped boost the Nasdaq and S&amp;P 500. Nvidia\u2019s shares also rose more than 24%, with the company adding nearly $200 billion to its market capitalization, one of the biggest one-day increases in the history of corporate America. <\/p>\n<p>On Friday, another microchip maker, Marvell Technology<br \/>\n        MRVL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200053236\/composite\" class=\"positive\">+26.28%<\/bg-quote><span>,<\/span><br \/>\n       was rising in premarket trade after saying AI has emerged as a key growth driver.<\/p>\n<p>But beyond the AI frenzy, concerns lingered that the U.S. would not agree to raise the debt ceiling, though reports indicate progress in talks between President Joe Biden and House Speaker Kevin McCarthy. House Republicans have already left Washington ahead of the holiday weekend. <\/p>\n<p>While Treasury Secretary Janet Yellen says the U.S. could run out of money as early as June 1, other projections estimate the federal government may have until the middle of the month.<\/p>\n<p>\u201cI think we\u2019ll all be able to exhale by mid-June, although it will likely be an increasingly volatile market environment between now and then,\u201d said Kristina Hooper, chief global market strategist at Invesco. \u201cOnce that drama recedes, I think all eyes will be back on central banks.\u201d<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n       <strong>Marvell Technology Inc.\u2019s<\/strong> stock<br \/>\n        MRVL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200053236\/composite\" class=\"positive\">+26.28%<\/bg-quote><br \/>\n       was powering 14% higher in premarket action after the chip company said it expected revenue from artificial intelligence to at least double this fiscal year.  <\/p>\n<\/li>\n<li>\n       <strong>Gap Inc. <\/strong>shares<br \/>\n        GPS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206554267\/composite\" class=\"positive\">+11.54%<\/bg-quote><br \/>\n       rallied 12% after the retailer took Wall Street by surprise and posted an adjusted profit of a penny a share.  <\/p>\n<\/li>\n<li>\n       <strong>Ford Motor Co.<\/strong> shares<br \/>\n        F,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208911460\/composite\" class=\"positive\">+3.59%<\/bg-quote><br \/>\n      \u00a0rose 1% after announcing that its electric-vehicle owners soon will have access to the more than 12,000 Tesla Inc.\u00a0<br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"positive\">+2.79%<\/bg-quote><br \/>\n       Superchargers in the U.S. and Canada starting next year. <\/p>\n<\/li>\n<li>\n       <strong>Workday Inc. <\/strong>shares<br \/>\n        WDAY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201157610\/composite\" class=\"positive\">+8.37%<\/bg-quote><br \/>\n       jumped 8% and headed toward their highest prices in more than a year, after the software company easily topped earnings expectations and brought on a new chief financial officer. <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-edge-lower-as-investors-await-debt-ceiling-news-inflation-data-7a9f0947?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock index futures looked set to open slightly higher despite a stronger-than-expected reading on April inflation as technology stocks continued to march higher. What\u2019s happening Dow Jones Industrial Average futures YM00, +0.61% were up 37 points, or 0.1%, to 32845. S&amp;P 500 futures ES00, +0.60% rose 6 points, or 0.1%, to 4165. Nasdaq 100 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-14154","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks set to open higher despite hot inflation read as technology sector marches higher | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stock index futures looked set to open slightly higher despite a stronger-than-expected reading on April inflation as technology stocks continued to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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