PCE index, Intel restructuring, Dell results - what's moving markets
Investing.com -- Wall Street is seen trading higher Friday ahead of the Fed's preferred inflation gauge. Intel is looking at restructuring options, while Dell impressed with its quarterly results and forecasts.The main focus for investors remains on the pace and scale of Fed rate cuts this year, and there is more key inflation data due for release later in the session to inform.The index is expected to rise 0.2% on the month in July, an annual gain of 2.6%, just above the 2.
However, a relatively strong economy, with second-quarter gross domestic product revised slightly higher earlier this week, and sticky inflation would provide the Fed with less impetus to cut interest rates sharply.U.S. stock futures rose Friday, ending a volatile week on a positive note ahead of the release of a key inflation report.
Once the world's leading chipmaker, Intel has struggled of late amid increased competition from rivals such as Advanced Micro Devices raised its annual revenue and profit forecasts, buoyed by demand for its AI-optimized servers, sending its shares higher in premarket trading. Revenue for the second quarter ended Aug. 2 rose about 9% to $25.03 billion, beating the average estimate of $24.14 billion, according to LSEG data. It reported adjusted profit per share of $1.89 per share, compared with estimates of $1.71 per share.Both benchmarks are on course for gains for over 1%, with more than half of Libya's oil production, or about 700,000 barrels per day, offline and exports halted at several ports following political ructions in the country.
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