Stock futures traded higher as recent economic data have spurred hopes the Federal Reserve is nearing the end of its rates-hiking cycle. Investors will be awaiting the release Thursday of the central bank’s preferred inflation gauge, the Personal Consumption Expenditures Index.Salesforce , the cloud-based enterprise software provider, reported second-quarter earnings that beat analysts’ estimates and issued an outlook for the third quarter and fiscal year that also topped forecasts.
UBS Group gained 4.9% after the Swiss bank reported a second-quarter net profit of $29 billion following the integration of Credit Suisse, the former rival that was acquired in June. Chewy , the online seller of pet foods and accessories, reported a surprise second-quarter profit and higher-than-expected sales. The company finished the quarter with 20.4 million active customers, matching expectations but falling from a year earlier. Chewy said it expects third-quarter net sales of between $2.74 billion and $2.76 billion, below expectations of $2.79 billion. Chewy shares fell 5%.
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