S&P Futures Face Inflation Test as China Activity Expands

U.S. stock futures pointed modestly higher in Thursday morning trading as investors looked ahead to inflation data and assessed signs of growth in China. The S&P 500 mini contract was up about 0.2%, while Nasdaq-100 mini futures gained 0.1% in the morning update.

By 08:34 UTC, the December E-mini S&P 500 contract traded at 7,709.5, down 0.08% since the previous close.

The update cited expectations for August PCE inflation of 3.7% for the headline reading and 3.3% for core. The Federal Reserve’s inflation goal is 2%. China’s official manufacturing PMI was 52.1 and its services PMI was 51.6, readings that indicate expansion.

Among individual stocks, United Therapeutics rose 12.55% after a court ruling favored its patent claims in pulmonary hypertension treatment. Jabil fell 10.03% after earnings and new guidance led to a sharp reset in expectations.

Investors were also watching results from Accenture, due before the market open, and Nike, due after the close. The update said an OPEC meeting scheduled for Sunday, October 4, may affect expectations for future oil supply decisions.