Sept 30 (Reuters) – US stock index futures moved higher on Wednesday as a cooler-than-anticipated inflation reading lifted hopes that the Federal Reserve might not raise interest rates as soon as next month.
A Commerce Department report showed the Personal Consumption Expenditures Price index rose 0.3% in August, compared with a 0.4% increase expected by economists polled by Reuters. Annually, it stood at 3.4% against estimates of 3.7%.
The core reading, which excludes volatile components like food and energy, rose 0.2% on a month-on-month basis versus an estimated 0.3% rise. Annually, it stood at 3% against estimates of 3.3%.
Separately, a final reading of second-quarter GDP showed the US economy grew 2.2%, compared with estimates of 1.5% growth.
At 08:31 a.m. ET, Dow E-minis were up 233 points, or 0.45%, S&P 500 E-minis were up 35 points, or 0.45% and Nasdaq 100 E-minis were up 145.25 points, or 0.47%.
(Reporting by Tharuniyaa Lakshmi and Shashwat Chauhan in Bengaluru; Editing by Devika Syamnath)
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