DJIA futures up 250 points (Il Sole 24 Ore Radiocor) - New York, 26 Jul - US futures are higher ahead of the Federal Reserve's preferred inflation gauge as pressure on Big Tech eases.

Wall Street closed mainly lower yesterday as six of the 'Magnificent Seven' tech stocks ceded more ground after Wednesday's wipeout. The S&P 500 ended down 0.51% while the Nasdaq shed 0.89%, down 3% on the week so far. The Dow closed up 0.2%.

The rotation into smaller stocks, neglected in this year's rally, continued with the Russell 2000 index up 1.3%.

Disappointing results from Tesla and Alphabet earlier this week sparked fears more big tech names could underwhelm on earnings as worries mount the AI frenzy underpinning this year's rally may have gone too far.

Investors will be watching today's PCE index, the measure of inflation preferred by the Fed, to see whether price pressure continued it's downward trend in June. Economists are expecting the index to have grown by 0.1% from May and by 2.5% on the year.

On the stocks front, shares in chip giant Nvidia were up 2% in premarket trade, bouncing back after recent losses. DexCom shares slumped more than 30% after the diabetes-device maker cut its guidance for this year. Companies reporting earnings today include 3M, Bristol Myers Squibb and Colgate-Palmolive.

Futures on the Dow Jones were up 250.00 points, or 0.62%, S&P 500 futures were up 41.00 points, or 0.75%, while futures on the Nasdaq were 185.50 points, or 0.98%, higher.

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(RADIOCOR) 26-07-24 13:37:33 (0403) 5 NNNN