Wall Street Anticipates Higher Open Amid Easing Inflation and Surging Tech Stocks

Wall Street's key indexes are poised for a higher opening as easing inflation bolsters hopes for an interest rate cut in September. Notable stock performances include gains by Alphabet, Meta, and Dell, while Ulta Beauty dips following a forecast trim. Investors await University of Michigan's consumer sentiment data for August.

Wall Street's main indexes were on track for a higher start on Friday following a key inflation report, which reinforced expectations for an interest rate cut by the Federal Reserve in September. The Personal Consumption Expenditure index, a key inflation measure favored by the central bank, rose by 2.5% in July, slightly below the estimated 2.6%.

Notable gains among the big tech stocks included Alphabet and Meta, which rose 0.8% and 0.6% respectively, while Tesla saw a 1.2% jump in premarket trading. This report follows comments from Fed Chair Jerome Powell, who expressed optimism about reaching the desired inflation targets.

The day also saw mixed performances from various companies. Marvell Technology's forecast lifted its stock by 11.2%, and Dell Technologies surged by 4.87% following upgraded annual revenue expectations. Conversely, Ulta Beauty tumbled 6.2% due to a trimmed forecast from slowing demand. Investors will be closely watching the University of Michigan's consumer sentiment figures for more market indicators.

(With inputs from agencies.)