US equity futures demonstrated positive momentum ahead of Friday's opening bell as traders absorbed the latest updates regarding the Federal Reserve's preferred inflation gauge. The Dow Jones Industrial Average futures increased by 0.3%, while S&P 500 futures and Nasdaq futures surged by 0.5% and 0.8%, respectively, indicating a favorable outlook among investors.
In the energy sector, oil prices reflected stability, with the front-month global benchmark, North Sea Brent crude, seeing a marginal increase of 0.1%, now trading at $78.86 per barrel. Conversely, the US West Texas Intermediate crude remained nearly flat, holding at $75.92 per barrel, showing minimal fluctuations ahead of market opening.
The personal income data, released at 8:30 am ET, exhibited a 0.3% gain in July, surpassing Bloomberg’s compiled estimates that projected a mere 0.2% increase, thus aligning closely with June's figures. Furthermore, the core personal consumption expenditures price index, which remains the Federal Reserve's favored measure of inflation, rose by 0.2% during the month, consistent with expectations and matching the previous month’s uptick.
Market watchers are also keenly anticipating the Chicago Purchasing Managers' Index, scheduled for release at 9:45 am ET, where a decline to 45.0 is projected for August from July's 45.3 reading. Additionally, consumer sentiment, set to be unveiled at 10 am ET, is not expected to fluctuate from the mid-month flash of 67.8 in the final reading for August.
In international markets, Japan's Nikkei closed with a 0.7% gain, Hong Kong's Hang Seng finished 1.1% higher, and China's Shanghai Composite ended the day up by 0.7%. Across Europe, the UK’s FTSE 100 was up 0.3%, mirroring the gains exhibited by Germany's DAX index, which also recorded an increase of 0.3% during the early afternoon session.
Within equities, shares of Intuitive Machines ($LUNR) soared by 19% following the company's successful acquisition of a $116.9 million contract with the National Aeronautics and Space Administration (NASA). In a similar uptrend, stocks of MongoDB (MDB) experienced a significant uptick of 17% after reporting increased fiscal Q2 revenue alongside an optimistic revision of its fiscal 2025 outlook.
Conversely, NuCana ($NCNA) shares plummeted by 50% after the company announced the discontinuation of its phase 2 trial regarding a prospective treatment for colorectal cancer. Additionally, Elastic ($ESTC) saw its shares drop by 27% as a result of analyst downgrades that ensued following the company's recently issued fiscal 2025 revenue guidance, which fell short of expectations established by Capital IQ analysts..