Stock futures are little changed as traders await inflation data, weigh state of AI trade: Live updates
Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures were hovering near the flatline Friday ahead of crucial inflation data. Traders also weighed the state of the artificial intelligence trade along with the latest tariff threats from President Donald Trump.
S&P 500 futures rose 0.1%, as did Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average added 74 points, or 0.2%.
In the premarket, Costco shares were nearly 1% lower after the retailer saw its same-store sales decelerate for the second quarter in a row. The company’s fourth-quarter earnings and revenue had topped analyst expectations, however.
Investors are awaiting the release of August’s personal consumption expenditures price index out at 8:30 a.m. ET, as the release is widely known to be the Federal Reserve’s preferred inflation measure. Economists expect the print to reflect an uptick in inflation and markets continue to price in two quarter-point rate cuts at the Fed’s upcoming meetings, in line with what the central bank has projected.
The outcome could sway market reaction, however, after solid jobs data released Thursday and a strong upward revision in second-quarter gross domestic product to 3.8% slightly dampened bullish sentiment. Investors fear fewer jobless claims could mean that the economy is in decent shape and therefore give the Fed less reason to cut interest rates.
Major players in artificial intelligence, namely Oracle, Meta and Tesla, pulled back on Thursday. Investors have been keeping a close eye on the stock as a barometer for the AI trade. For the week, the software giant is down 5.6%.
Week to date, the S&P 500 is down nearly 0.9%. The tech-heavy Nasdaq Composite has lost about 1.1% while the Dow Jones Industrial Average has shed 0.8%.
Stocks could also face more pressure from a slew of tariffs signaled by Trump. In a Truth Social post, he said the U.S. would impose a 100% tariff on “any branded or patented Pharmaceutical Product.” He added that measure will not apply to companies building drug manufacturing plants in the U.S.
Trump also said imported heavy trucks will get a 25% levy on Oct. 1. Shares of truck manufacturer Paccar jumped 6% following the president’s announcement.
