$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ PCE is a price index for substitutes outside a basket of goods and services. For example, if CPI tracks the price of apples, then PCE tracks pears. When the price of apples is too high, more people will choose to buy pears. In addition, PCE announcements usually come after CPI announcements. The PCE announced today is for May, and is part of the June to October CPI series. The June to October CPI is higher than expected, while the PCE is lower than expected, indicating that the CPI tracks prices that are high.