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SNAPSHOT Futures extend gains on softer inflation data

2023-03-31T12:39:33Z

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 30, 2023. REUTERS/Brendan McDermid

Futures tracking Wall Street’s main indexes extended gains on Friday after data showed personal consumption expenditure growth slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve.

A report from the Commerce Department showed the Personal Consumption Expenditure (PCE) index, which is the Fed’s preferred inflation gauge, rose 0.3% in February, on a monthly basis, compared with a 0.6% rise in January.

Traders’ bets of a 25-basis-point rate hike stand at 55.5%, with odds of a pause at 44.5%, according to CME Group’s Fedwatch tool.

At 8:35 a.m. ET, Dow e-minis were up 127 points, or 0.38%, S&P 500 e-minis were up 15 points, or 0.37%, and Nasdaq 100 e-minis were up 33.5 points, or 0.26%.

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