Fed’s preferred inflation gauge for March will be out Friday
The personal consumption expenditures price index will be due on Friday morning, giving the Federal Reserve a detailed glimpse into the latest inflation metrics.
For March, economists polled by Dow Jones anticipate headline PCE grew 0.3% from the prior month and by 2.6% from 12 months earlier. They expect that core prices, which exclude food and energy costs, grew by 0.3% on a monthly basis and by 2.7% year over year.
The first-quarter gross domestic product report issued Thursday revealed that PCE for the period rose by 3.4%, well above the 1.8% increase in the fourth quarter. The result incited a sell-off for stocks as investors fretted over signs of stagflation – a scenario in which the economy’s growth slows but inflation rises.
–Darla Mercado
4 Hours Ago
After hours movers
Check out the companies making moves after the bell:
Snap
Shares soared more than 27% in afterhours trading after the social media firm reported first-quarter results that beat analysts’ estimates.
Intel
The tech stock slid 8% in extended trading after the company missed expectations for first-quarter sales and gave a weak forecast for the current quarter.
Dexcom
The manufacturer of glucose monitoring systems fell 8%, even as the company posted beats on the top and bottom lines.
Gilead Sciences
The biotech stock jumped almost 3% after a better-than-feared quarterly report. Gilead posted a loss of $1.32 per share, narrower than a loss of $1.49 per share expected by analysts.
— Yun Li
