Dow, S&P 500, Nasdaq Set to Open Down; PCE Inflation Report; Government Shutdown; Micron, Novo Nordisk, Tesla, More Movers
U.S. stock futures were falling sharply on Friday as investors braced for more inflation data that could help shape the narrative around interest rates in 2025.
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Futures tracking the Dow Jones Industrial Average fell 194 points, or 0.5%. On Thursday, the blue-chip gauge rose just 16 points to finally snap a 10-day losing streak, its longest run in the red since 1974. S&P 500 futures dropped 0.9%, and contracts tied to the tech-heavy Nasdaq 100 were diving 1.4%.
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The key story at the end of what’s been a rough week for the market is likely to be the personal consumption expenditures report for November, due out at 8:30 a.m. Eastern Time. The index is the Federal Reserve’s preferred inflation gauge, so Friday’s reading could help determine the central bank’s monetary policy approach next year.
On Wednesday, Chair Jerome Powell signaled that with inflation still running above the Fed’s 2% target, investors should only expect two rate cuts in 2025. His hawkish comments sparked a broad and deep selloff.
“Today’s PCE index for November is likely to be the key driver of sentiment,” Hargreaves Lansdown’s head of equity research Derren Nathan said. “Getting to the 2% target is proving to be harder than expected and if inflation comes in north of consensus, that’s likely to set investor nerves further on edge,” he added.
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Investors are also anxious about a potential government shutdown. A Republican plan to avert that backed by President-elect Donald Trump failed to make it through the House on Thursday, ramping up the pressure on Congress to find a way to extend government funding past Friday’s deadline.
Oil prices were falling as traders continued to fret about a slowdown in global demand. The Brent international benchmark slipped 0.5% to $72.51 a barrel, while West Texas Intermediate U.S. crude was down 0.5% to $69.03 a barrel.
Bond yields were up slightly over the past 24 hours. The yield on the 10-year U.S. Treasury note was 4.561%. The yield on the 2-year note was 4.295%.
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