U.S. stock futures rose slightly on Thursday evening (Friday AEDT) as investors awaited the latest data on the Federal Reserve's preferred inflation gauge, the personal consumption expenditures (PCE) price index.
By 10:15 am AEDT (11:15 pm GMT) Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures each ticked 0.1% higher.
In extended trading, Nike climbed 0.6% after exceeding quarterly estimates, with revenues coming in at US$12.4 billion, reflecting an 8% decline on a reported basis and 9% on a currency-neutral basis compared to the previous year.
FedEx popped 8.7% after announcing plans to spin off FedEx Freight into a separate publicly traded company while reporting second-quarter earnings in line with expectations.
During Thursday's session, the Dow managed to break its 10-day losing streak - its longest since 1974 - with a modest gain of 15.4 points.
Meanwhile, the S&P 500 and Nasdaq Composite recorded narrow losses as rising Treasury yields continued to exert pressure on equities.
The focus now shifts to the November PCE report, scheduled for release Friday. The data carries added significance after Fed Chair Jerome Powell highlighted that inflation remains above the central bank’s 2% target.
Market participants anticipate a 0.2% monthly rise in the PCE index, with an annual rate of 2.5%. Core inflation, excluding food and energy, is also expected to increase 0.2% monthly and 2.9% year-over-year.
Investors are also watching for additional economic reports on Friday, including the University of Michigan’s consumer sentiment index, for further insights.