Futures for stocks increased as fresh data revealed that in June, the rate of inflation dropped to its lowest point in almost three years, supporting the Federal Reserve’s decision to lower interest rates later this year.
With the benchmark on the verge of breaking another record, S&P 500 futures saw a 0.2% increase. There was a 0.3% increase in Nasdaq 100 futures. The Dow Jones Industrial Average futures increased by 0.2%, or 73 points.
The annual inflation rate dropped to 3% last month as the consumer price index decreased by 0.1% from May.
In a Dow Jones survey, economists projected an annual rate of 3.1% growth and a monthly gain of 0.1%.
The core CPI, which does not include food and energy, was 3.3% annually, which was also below economists’ projections.
Source (CNBC)
