Stock Futures Flat After Consumer Spending, Inflation Data

NEW YORK (TheStreet) -- U.S. stock futures were trading little changed Thursday as investors digested a increase in consumer income and spending, and a rise in an inflation measure.

Dow Jones Industrial Average futures were up 8 points, or 2.51 points below fair value, to 16,779. S&P 500 futures were up 0.25 points, or 1.48 points below fair value, to 1,949.75. Nasdaq futures were down 2.7 points, or 0.38 points below fair value, to 3,817.5.

As expected, personal income increased by 0.4% in May. Personal spending ticked up less-than-expected by 0.2% vs. the average economist estimate of 0.4%, but was still up from April's flat reading.

The core PCE price index rose by an in-line 0.2% month over month, pushing the year-over-year index to 1.5%. These increases arrive after the recent acceleration in the Consumer Price Index.

As inflation concerns pick up, Peter Cardillo, chief market economist at Rockwell Global Capital, acknowledged that inflationary pressure at the producer level has been, in some cases, passed on to the consumer. However, wage inflation remains dormant.

"We reiterate that until higher labor costs become a problem, the chances of the Fed's inflation target being met are still slim," Cardillo said in a note.

Jobless claims dipped by 2,000 in the week of June 21 to 312,000, vs. the consensus estimate of 310,000.

Individual companies in the spotlight Thursday include Barclays  (BCS), GoPro, Allergan (AGN), Bed Bath & Beyond (BBBY), Nike (NKE) and General Motors (GM).

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