Aug 31 (Reuters) – U.S. stock index futures extended gains on Thursday after data showed a closely-watched measure of inflation rose in line with expectations in July, keeping alive hopes for a pause in interest rate hikes from the Federal Reserve.
A Commerce Department report showed the personal consumption expenditures (PCE) price index, considered to be the Fed’s preferred inflation gauge, climbed 3.3% in July on an annual basis in line with estimates of a 3.3% rise.
Excluding volatile food and energy components, the core PCE price index rose 4.2% in July on an annual basis, also meeting expectations.
At 8:36 a.m. ET, Dow e-minis 1YMcv1 were up 183 points, or 0.52%, S&P 500 e-minis EScv1 were up 13.25 points, or 0.29%, and Nasdaq 100 e-minis NQcv1 were up 25.25 points, or 0.16%.
(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru Editing by Vinay Dwivedi)
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