📈📉 Investors are gearing up for a promising Friday open in the U.S. stock market! 🚀 After a brief dip in the previous session, stock futures are signaling a positive start today, driven by high hopes surrounding key inflation and employment cost data. Here’s a snapshot of what’s happening:

📊 Dow Jones Industrial Average futures: +117 points (0.3%)
📊 S&P 500 futures: +0.5%
📊 Nasdaq 100 futures: +0.8%

Yesterday, the Dow halted its impressive 13-day winning streak, leaving the market relatively unchanged for the week. However, the current surge in futures is a sign of optimism as investors anticipate data releases that may influence market sentiment.

The most anticipated event today is the publication of the personal consumption expenditures price index for June, which the Federal Reserve closely monitors for price growth. Forecasts predict a slowdown in headline PCE to a 3% annual pace in June, down from May’s 3.8%.

Another significant data point is the Bureau of Labor Statistics’ quarterly Employment Cost Index, expected to reveal a 4.8% annual growth rate in hourly labor cost to employers for the second quarter and a 1.1% increase quarter to quarter.

Market analysts at ING suggest that a softer ECI number could impact the U.S. tightening cycle this year, potentially leading to a 0.5%-1.0% drop in the dollar. This could be positive news for risk assets, bringing the Fed and even the ECB closer to concluding their tightening cycles.

Stay tuned as the day unfolds, and these critical data points shape the market’s trajectory!

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