Feb 29 (Reuters) – The S&P 500 and Nasdaq futures erased losses and rose on Thursday after a key inflation metric came in line with estimates, raising hopes of early interest rate cuts by the U.S. Federal Reserve.

A Commerce Department report showed the personal consumption expenditures (PCE) price index, considered to be the Fed’s preferred inflation gauge, climbed 0.3% in January month-on-month, as expected.

At 08:34 a.m. ET, Dow e-minis 1YMcv1 were down 25 points, or 0.06%, S&P 500 e-minis EScv1 were up 4.75 points, or 0.09%, and Nasdaq 100 e-minis NQcv1 were up 43 points, or 0.24%.

(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta)

(([email protected]; Follow on X: @BansariKamdar))

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