Stock market today: US futures rise as new quarter kicks off

US stocks looked set to kick off 2024's second quarter on a high note Monday as investors looked to softening in the Federal Reserve's preferred inflation gauge as a sign of a coming interest rate cut this quarter. Futures tied to the S&P 500 and the Dow Jones Industrial Average rose around 0.3%. The blue-chip Dow Jones was eyeing the key 40,000 mark. Those tied to the tech-heavy Nasdaq Composite led the gains, rising about 0.4%.

Markets were closed Friday, but the week's data highlight — the Personal Consumption Expenditures price index — served to boost hopes of rate cuts this year. That index contains "core" PCE, the Fed's preferred inflation gauge. The report showed core PCE rose 0.3% month over month, below economist expectations. Fed Chair Jerome Powell said Friday that the data was "along the lines" of what the Fed is looking for.

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