Dow Futures Decline As Wall Street Awaits Inflation Data: MRVL, DELL, ULTA, BABA Among Stocks To Watch

While Dow Jones futures were down 0.33% at the time of writing, the S&P 500 futures fell 0.32%.

U.S. stocks appear set for a negative opening on Friday as investors await the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, due to be released before the opening bell.

While Dow Jones futures were down 0.33% at the time of writing, the S&P 500 futures fell 0.32%, and the tech-heavy Nasdaq 100’s futures declined 0.5%. Futures of the Russell 2000 index were down 0.27%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was down 0.27% at the time of writing, while Invesco QQQ Trust (QQQ) fell 0.45% on Friday morning. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

Asian markets ended Friday’s trading session on a largely negative note, with the KOSPI declining the most at 0.32%, followed by the Nikkei 225 at 0.2%. The TWSE Capitalization Weighted Stock index closed 0.01% lower.

The Hang Seng index gained 0.51%, while the Shanghai Composite closed higher by 0.37%.

Stocks To Watch

• Marvell Technology Inc. (MRVL): Marvell shares plunged 15% in Friday’s pre-market trade after its CEO Matthew Murphy said during the second-quarter (Q2) earnings call that data center revenue in the third quarter (Q3) would be flat on a sequential basis.
• Dell Technologies Inc. (DELL): Dell’s shares fell more than 7% pre-market after the company’s Q3 earnings per share (EPS) guidance of $2.45 fell short of Wall Street expectations of $2.49, according to Stocktwits data.
• Ulta Beauty Inc. (ULTA): Ulta’s shares gained nearly 4% in pre-market trade after the company’s Q2 results beat Wall Street expectations, according to Stocktwits data. The retailer reported EPS of $5.78 on revenue of $2.79 billion, compared to estimates of $5.10 EPS on revenue of $2.68 billion.
• Alibaba Group Holding (BABA) and Chagee Holdings (CHA) are among the companies scheduled to announce their latest quarterly results on Friday.

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