S&P 500, Tense Ahead of PCE Release Amid Rebound...Will Interest Rates Rise in October?

▲ US Stock Market, Artificial Intelligence (AI)/AI Generated Image

Major index futures on the New York stock market showed a unanimous rise ahead of the announcement of key inflation indicators watched by the Federal Reserve (Fed).

According to financial media outlet Benzinga on September 30 (local time), Dow Jones futures rose 0.34%, S&P 500 futures rose 0.18%, and Nasdaq 100 futures rose 0.09% in pre-market trading. With the 10-year US Treasury yield at 5.21% and the 2-year Treasury yield at 4.87%, the probability of a Fed interest rate hike in October, according to the CME FedWatch Tool, was tallied at 44.8%. Investors maintained a buying bias amid cautious wait-and-see ahead of the release of the Personal Consumption Expenditures (PCE) price index, which will confirm the inflation trajectory.

Among individual stocks, semiconductor and M&A-related companies showed notable price movements. AMD (Advanced Micro Devices, Inc., AMD) rose 0.29% in pre-market trading after announcing its acquisition of AI startup World Labs for $8.2 billion. Micron Technology Inc. (MU), which is set to announce its earnings after the market closes, rose 0.57% reflecting expectations of strong earnings with an earnings per share (EPS) of $31.45 and revenue of $50.75 billion. FingerMotion Inc. (FNGR) surged 28.32% on news of its acquisition of 100% stake in Newbit Technology.

On the other hand, companies that reported earnings shocks could not avoid a sharp decline. Concentrix Corp. (CNXC) plunged 9.97% in pre-market trading, presenting weak guidance along with disappointing Q3 results. Carnival Corporation Ltd. (CCL) showed an additional gain of 0.24% following a 13.41% surge from strong earnings announced the previous day, along with news of upgraded profit forecasts for 2026 and robust bookings for 2027.

Commodity and virtual asset markets showed mixed trends. International spot gold prices rose 0.40% to around $4,199.34 per ounce, while the US Dollar Index fell 0.14% to 101.2310. At the same time, Bitcoin (BTC) was trading around $83,043.83, down 0.90% from 24 hours ago, showing a consolidation pattern.

[Article Key Summary]

-New York stock market index futures rose across the board, with the Fed's October interest rate hike probability indicating 44.8%.

-AMD announced an $8.2 billion acquisition of an AI startup, and Micron Technology rose on strong earnings expectations.

-Gold prices rose to around $4,199 per ounce, while Bitcoin underwent a correction around the $83,000 mark.

*Disclaimer: This article is for investment reference only and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*