U.S. stocks aim for 5-day win streak after PCE inflation reading offers no surprise

U.S. stock index futures remained higher early Thursday, after the Federal Reserve’s preferred inflation gauge proved largely in line with expectations for July. That leaves investors to look ahead to Friday’s August jobs report.

The core PCE reading, which strips out food and energy prices and is often described as the Fed’s favorite inflation measure, was also in line with expectations, showing a 0.2% monthly rise, while the year-over-year rate ticked up to 4.2% from 4.1%. The S&P 500’s rally to a four-week high has coincided with benchmark Treasury yields BX:TMUBMUSD10Y pulling back from multi-year peaks as traders bet that some weaker jobs data of late will allow the Federal Reserve to stop raising borrowing costs.

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