(Bloomberg) — US stocks extended a rebound ahead of Friday data expected to show the Federal Reserve’s preferred inflation metric is close to its target.
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The S&P 500, up 1.0% Thursday, is on the precipice of an eight-week winning streak — its longest in more than five years — if it can hold onto gains. The Nasdaq 100 index faces a similar challenge, the tech-heavy benchmark rose 1.2% after Wednesday’s bout of selling had knocked it off record highs.
Nike Inc. shares slipped around 5% in afterhours trading following a warning from the sneaker maker that revenue would soften in the latter half of the fiscal year. Peers, including Foot Locker Inc., also weakened in the postmarket session.
The VIX briefly rose above 14 for the first time since November, Wall Street’s gauge of stock volatility has been trading near multi-year lows.
The Fed’s preferred inflation metric, the so-called core…
