Before the U.S. stock market opens: PCE inflation annual rate exceeds expectations! Gold surges higher and falls back, while the 10-year U.S. bond yield jumps up and down Author Investing.com

Investing.com – Before the market opened on Friday (26th), U.S. stock index futures rose. The Dow futures rose by more than 100 points and the Nasdaq futures rose by 1%. However, after the PCE data was released, they fell back after the highs. The previously announced annual rate of the PCE price index, the Fed’s favorite inflation measure, was higher than expected, but the monthly rate was in line with expectations.

Data show that the annual rate of the core PCE price index, which excludes two volatile areas of food and energy, remained at 2.8%. It did not drop to 2.6% as expected, but the monthly rate remained at 0.3%, in line with expectations.

The overall PCE price index annual rate rose more than expected, rising from 2.5% to 2.7%, while the expectation was 2.6%.

Later, investors will also need to pay attention to the University of Michigan Consumer Inflation Expectations and Confidence Index.

After the data was released, U.S. stock index futures continued to rise and then fell again. Although PCE inflation did not appear to be higher than expected across the board like CPI, which would not scare the market, some data were still higher than expected, highlighting the stubbornness of inflation.

At the same time, the benchmark U.S. bond yield rebounded after jumping to 4.680%.

fell back, and then resumed its upward trend. After a period of tug-of-war between the bulls and the bears, the bulls once again gained the upper hand.

Comex, the New York Mercantile Futures Exchange, rose higher and fell back. It once rose to about $18, and then gave up the gains after the data was released.

rising moderately.

stocks before market opening

Microsoft Corp (NASDAQ: ) rose 4.3% as first-quarter results were stronger than expected thanks to demand for AI.

Alphabet Inc Class A (NASDAQ: ) rose 12% after its first-quarter revenue beat expectations and it paid its first dividend of 20 cents per share.

Intel Corp (NASDAQ: ) fell 8%, reporting disappointing quarterly results and low expectations for the second quarter.

Snap Inc (NYSE: ) soared 25%, with quarterly revenue and user data beating expectations.

Roku Inc (NASDAQ: ) fell 3.7% after the company warned that rival ad-supported paid membership plans could hinder its growth this year and reported lower-than-expected first-quarter net income.

L3Harris Technologies Inc (NYSE:) rose 1.99% and raised the upper limit of its full-year profit target range as geopolitical tensions and arms demand continued to grow. Meanwhile, the company’s total first-quarter sales rose 17% to $5.2 billion.

Exxon Mobil Corp (NYSE: ) fell 1.8% after first-quarter profit fell 28% year-on-year, missing analysts’ expectations as lower margins in its refining business and lower prices offset higher sales volumes.

Chevron Corp (NYSE: ) fell 0.5%, hurt by weak natural gas prices, although higher production helped the company hold on to its quarterly profit.

KLA Corporation (NASDAQ: ) rose 1.6% after its first-quarter revenue beat expectations and provided optimistic guidance. At the same time, despite tensions between China and the United States, its business in China is expected to remain stable.

AbbVie Inc (NYSE: ) rose 0.8% as strong sales of immune drug Skyrizi and cancer drug Imbruvica helped the company’s first-quarter results beat Wall Street expectations.

Colgate Company (NYSE: ) rose 1.7% after raising its annual organic sales forecast. It now expects full-year organic sales to grow by 5% to 7%, compared with the previous forecast of 3% to 5%.

Charter Communications (NASDAQ:) fell 3.5%, with first-quarter revenue and earnings below expectations.

Tesla (NASDAQ: ) fell 0.06%. Apple (NASDAQ:) rose 0.31%. NVIDIA (NASDAQ:) rose 1.82%, Amazon (NASDAQ:) rose 3.18%, and Facebook parent company Meta Platforms (NASDAQ:) rose 0.98%.

Chinese concept stocks

The China Internet ETF KraneShares CSI China Internet (NYSE:) rose 2.75%.

NIO (NYSE:) (HK:) rose 6.54%, Li Auto (NASDAQ:) (HK:) rose 7.7%, and Xpeng Motors (NYSE:) (HK:) rose 8.7%. Mavericks Electric (NASDAQ: ) rose 3.9%.

Bilibili (NASDAQ:) (HK:) rose 5.6%, iQiyi (NASDAQ:) rose 2.3%, and Huya (NYSE:) rose 2%.

Alibaba (NYSE:) (HK:) rose 1.8%, JD.com (NASDAQ:) (HK:) rose 4.9%, and Pinduoduo (NASDAQ:) rose 2.4%.

Baidu (NASDAQ:) (HK:) rose 2.6%. NetEase (NASDAQ:) (HK:) rose 1.2%.

Economic data and events

20:30 Hong Kong time (08:30 AM ET)

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22:00 Hong Kong time (10:00 a.m. Eastern Time)

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Compiler: Liu Chuan

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