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US STOCKS-Futures muted as investors await key inflation data

By Reuters_News

09:16, 31 March 2023

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023.

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.

Futures: Dow flat, S&P up 0.04%, Nasdaq down 0.02%

- U.S. stock index futures were flat on Friday as investors steered clear of big bets ahead of crucial inflation data, amid receding fears of a banking crisis.

The Commerce Department is expected to release February data on the personal consumption expenditures (PCE) price index- the Fed's preferred measure of inflation, at 8:30 am ET (12:30 GMT).

The report is expected to show consumer spending, which accounts for more than two-thirds of U.S. economic activity, likely rose 0.3% in February, after jumping 1.8% in January.

Friday will cap a turbulent first quarter for stocks marked by evidence of sticky U.S. inflation, shockwaves from the collapse of two regional U.S. banks and signs of trouble in some European banks as well as a repricing of interest rate expectations from the Fed.

The Nasdaq .IXIC is set for its biggest quarterly percentage gain since the end of 2020 given a rotation into major technology and growth stocks from financial stocks during the banking crisis, while the cyclicals-heavy Dow Jones is in the red.

The benchmark S&P 500 .SPX is up nearly 6% so far in the first quarter.

Some Fed officials have noted a potential hit to the economy from banking sector problems while recent data, including an uptick in weekly jobless claims has also supported hopes that the central bank is close to the end of its market-punishing rate hikes aimed at cooling demand.

Traders' bets of a 25 basis point rate hike from the Fed in May stand at 55.2%, with the remaining odds on a no-hike scenario, according to CME Group's Fedwatch tool.


1,961.68 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0184%
Short position overnight fee 0.0102%
Overnight fee time 21:00 (UTC)
Spread 0.30


14,555.10 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 1.8


25,768.55 Price
+0.310% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00


0.51 Price
+0.490% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00391

Consumer sentiment data from the University of Michigan is also due later in the day.

New York Federal Reserve Bank President John Williams and Fed Governor Lisa Cook are also scheduled to speak later on Friday.

At 4:59 a.m. ET, Dow e-minis were flat, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were down 2 points, or 0.02%.

Virgin Orbit Holdings VORB.O dropped 49.6% premarket, a day after the rocket maker said it was laying off about 85% of staff because it had not been able to raise new investment.

Rumble Inc RUM.O jumped 14.2% after the video-sharing platform reported a surge in fourth-quarter revenue.

Reporting by Amruta Khandekar; Editing by Nivedita Bhattacharjee

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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