U.S. Futures are trending higher on the last trading day of August. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are inching higher by 0.06%, 0.13%, and 0.32%, respectively, at 4:00 a.m., EST, August 31.
The three major averages clocked their four-day winning streak on August 30. Stocks jumped in yesterday’s trading following the cooler-than-expected ADJ jobs data that signals a slowdown in the labor market. Even so, the major averages are on track to finish August on a negative note.
Meanwhile, traders will closely watch the personal consumption expenditures (PCE) data due today. The Fed considers PCE one of the important inflation measures. Core PCE for July is expected to rise by 4.2% annually, up from a 4.1% increase registered in June. Also, data on the Initial Jobless Claims for the week ending August 26 will be out today.
On the earnings front, Broadcom (AVGO), Lululemon Athletica (LULU), Dollar General (DG), Campbell Soup (CPB), and Ollie’s Bargain Outlet (OLLI) will report their earnings today. Notably, shares of cybersecurity company Salesforce (CRM) jumped 6% in extended trading yesterday after it reported solid beat-and-raise results. On the other hand, CrowdStrike (CRWD) stock struggled to find momentum after hours, despite beating market expectations.
Elsewhere, European stocks opened higher this morning following solid Q2FY23 results from UBS Group (UBS). The Swiss banking giant displayed its strong financial footing in its first results since acquiring failed bank Credit Suisse. UBS posted a Q2 profit of $28.88 billion, much higher than the analysts’ expectation of $12.8 billion.
Asia-Pacific Markets End Mixed on Thursday
Asia-Pacific indices finished mixed today following data on China’s factory activity. In August, the official manufacturing purchasing managers’ index stood at 49.7, showing a fifth straight month of contraction.
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended lower by 0.50%, 0.55%, and 0.61%, respectively.
On the contrary, Japan’s Nikkei and Topix indices ended up by 0.88% and 0.80%, respectively. Japanese stocks jumped on better-than-expected retail sales data in July.
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