© Reuters. FILE PHOTO: Amazon logo is seen in front of a decreasing stock graph in this illustration taken April 29, 2022. REUTERS/Dado Ruvic/Illustration
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(Reuters) – recouped some losses on Friday after data showed a slightly lower-than-expected reading in a key inflation metric for the month of September, easing investor nerves about the pace of aggressive Federal Reserve tightening.
The Commerce Department’s core Personal Consumption Expenditures Index (PCE), the Fed’s preferred inflation measure, climbed 5.1% in September compared to an expected 5.2% rise on a year-over-year basis when stripped of volatile food and energy costs.
At 8:31 a.m. ET, were up 115 points, or 0.36%, S&P 500 e-minis were down 6 points, or 0.16%, and were down 65.75 points, or 0.59%.
Moments before data, Dow e-minis were down 6 points, or 0.02%, S&P 500 e-minis were down 21.25 points, or 0.56%, and e-minis were down 116.25 points, or 1.03%.
Futures fell after gloomy forecasts from megacaps Amazon (NASDAQ:) and Apple (NASDAQ:) heightened fears that the Federal Reserve’s aggressive interest rate hikes were finally slowing the economy and could hammer corporate earnings.
