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U.S. Stock Futures Rise Ahead of Key Inflation Data

Futures on major U.S. stock indices are rising ahead of the release of a long-awaited, though delayed, inflation report. Alongside this data, traders will also watch a more current indicator of U.S. consumer sentiment. Meanwhile, reports indicate that Netflix has entered exclusive talks to acquire key assets from Warner Bros Discovery — a deal that could create a true Hollywood powerhouse.

1. Futures Mostly Up

U.S. stock futures ticked slightly higher on Friday as investors awaited a key inflation indicator that could influence the Federal Reserve’s upcoming interest rate decision.

As of 03:03 ET (08:03 GMT), Dow futures rose 27 points (0.1%), S&P 500 futures gained 17 points (0.2%), and Nasdaq 100 futures added 116 points (0.5%).

Major indices moved mixed in the previous session: the S&P 500 and tech-heavy Nasdaq advanced, while the Dow lagged behind.

Traders reacted to a drop in initial jobless claims, which fell to the lowest levels since 2022. At the same time, a report from the Federal Reserve Bank of Chicago showed unemployment remained around 4.4% in November.

The lack of new official macroeconomic data due to the recent government shutdown has forced markets and policymakers to rely on secondary labor indicators. The labor market remains key to the Fed’s interest rate trajectory, as it aims for maximum employment.

2. PCE Price Index to Be Released

The Fed’s secondary mandate — price stability — has been in the background in recent weeks, as attention focused on the weakening labor market.

On Friday, inflation will again take center stage with the release of the Personal Consumption Expenditures (PCE) Price Index. The Fed often references this measure when assessing inflationary pressures in the U.S. economy.

Excluding food and energy, the core PCE is expected to remain at 2.9% year-over-year and 0.2% month-over-month for September. The delay in publication due to the government shutdown may reduce the timeliness of the data.

With the monthly nonfarm payroll report postponed to later this month, the PCE — along with personal income and spending figures — will be among the last key indicators before the decisive Fed meeting on December 9–10. The market anticipates another 25-basis-point rate cut, as in September and October, to support the labor sector.

3. Michigan Consumer Sentiment Index

In addition to the PCE, the economic calendar includes the latest consumer sentiment survey from the University of Michigan.

ING analysts note that this measure will be “more current” than the PCE and is likely to show a slight recovery compared to previous months — a potential sign of moderate optimism among U.S. consumers during the holiday season.

In early November, the index dropped to nearly a 3.5-year low, as consumers worried about the effects of the government shutdown. The data highlighted economic divides: higher-income households fared better, while lower-income households faced difficulties. Investors with significant stock holdings remained particularly optimistic due to the “strength of the equity markets.”

4. Netflix in Exclusive Talks with Warner Bros Discovery

Netflix is in exclusive discussions to acquire Warner Bros Discovery’s film and TV studios, along with key streaming assets, according to media reports.

The company has reportedly offered $28 per share for these assets, including HBO and DC Comics.

If the deal goes through, Netflix would become a media giant controlling one of the world’s most valuable content catalogs, including hits like Game of Thrones and Harry Potter.

Warner Bros received a second round of offers from Netflix, Paramount Skydance, and Comcast earlier this week.

An official announcement is expected soon, according to the Wall Street Journal. Warner Bros shares rose in late trading, while Netflix edged slightly lower.

5. Oil Stabilizes

Oil prices paused after gains in the previous session, as a lack of progress in diplomatic talks over the war in Ukraine and expectations for Fed rate cuts influence sentiment.

Brent remained nearly unchanged at $63.25 per barrel, while U.S. WTI fell 0.1% to $59.59.

Both contracts jumped nearly 1% on Thursday. While Brent is almost flat for the week, WTI is on track for a 1.5% gain — marking the second consecutive week of increases.

Stalled negotiations between the U.S. and Russia over ending the war have reduced hopes that energy sanctions on Russian oil will be eased soon, maintaining a risk premium in the market.