Stock Market Update

The equity futures market continues to point to a lower start for the major indices following the release of the economic data at 8:30 a.m. ET.

Personal income increased 0.4% month-over-month in July (Briefing.com consensus: 0.4%), personal spending increased 0.5% month-over-month (Briefing.com consensus: 0.5%), the PCE Price Index increased 0.2% month-over-month (Briefing.com consensus: 0.2%), and core PCE inflation, which excludes food and energy, increased 0.3% month-over-month (Briefing.com consensus: 0.3%).

On a year-over-year basis, PCE inflation was up 2.6%, versus 2.6% in June, while core PCE inflation was up 2.9%, versus 2.8% in June. The Fed's inflation target is 2.0%.

Separately, the Advance Intl. Trade in Goods deficit widened in July to $103.6 billion from a revised $84.9 billion (from -$96.4 bln), Advance Retail Inventories were up 0.2% (prior revised to 0.1% from 0.2%), and Advance Wholesale Inventories were up 0.2% (prior 0.2%).