S&P 500 Futures Climb as Inflation Cools

S&P 500 futures saw an increase on Friday after the latest personal consumption expenditures (PCE) price index data, which showed signs of slowing inflation. This comes as the market anticipates the close of a strong first half of the year.

According to a report from the Commerce Department on Friday, inflation in May dropped to its lowest annual rate in over three years. The core PCE, which omits the more fluctuating food and energy prices, increased by only 0.1% last month and 2.6% year-over-year.

Market participants regard inflation statistics as important as they speculate on the timing of the Federal Reserve's interest rate cuts. Currently, traders are estimating a 59.5% likelihood that the central bank will reduce rates at its September meeting.

The NASDAQ logged its third gain, moving closer to erasing the losses from the last decline. The next resistance level is at 20,130. If it surpasses this mark, the subsequent levels to watch are 20,220 and 20,400. On the downside, 19,200 serves as the initial support level, followed by 18,900 and 18,400 if it declines further.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
20,400	20,220	20,130	19,200	18,900	18,400