Big US data that lies ahead for the S+P 500 later today

As mentioned here earlier today the US will release some important data this afternoon. That is due out at 12.30pm GMT and it is the June PCE (Personal Consumption Expenditure) report. This is the preferred measure of US price inflation for the Fed and figures highly in their policy setting agenda. That makes it important for the markets too. Well, today the forecast is for this to be little changed last month. The core annualised rate is forecast to drop slightly, to 2.5% from 2.6%. If there is any meaningful shift beyond that in either direction, then it will evoke a reaction in stocks and the dollar. Right now US equity futures are rebounding. Yesterday the S+P 500 fell to below 5,400 after reopening at 5,428.70. The low point seen was at 5,390.05. The index later closed 27.91 points lower, at 5,399.22. So, as you can see not much above the lows of the session and it was forced back from a prior session rebound high at 5,499.59, by the sizeable reversal in the Nasdaq 100. Hence, another volatile session for the S+P 500 and likely more of the same later today. Right now the opening outlook is positive though, currently priced at around 5,435