Soft PCE and Durable Goods Beat Put SPY at Its 752 Call Wall

This morning's inflation data delivered a rare double: Core PCE came in at 0.2% month-over-month against a 0.3% estimate, and Durable Goods orders surged 7.9% versus a 3.5% forecast. Those are two of the cleanest beats you'll see in a single data drop, and futures have responded — SPY is trading at 750.51 pre-market, holding above yesterday's session low of 748.22 with the 752 call wall squarely in focus.

The catch is in the macro fine print: GDP for Q1 was revised down to 1.6% versus a 2.0% estimate, Personal Income came in flat at 0.0% against a 0.4% forecast, and Corporate Profits printed -0.4% against a +5.7% estimate. Markets are pricing the soft inflation read as the dominant signal, but the growth and income misses are genuine headwinds. The open sets up as a test of whether the disinflation narrative can carry SPY through the call wall.