US stock futures slipped on Friday, pulling back from record highs as Wall Street readied for new data on inflation that will feed into expectations for interest-rate cuts.
Dow Jones Industrial Average futures (YM=F) fell roughly 0.2%, while those on the S&P 500 (ES=F) traded broadly flat. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.2% lower.
Stocks rose on Thursday, lifting the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) to new highs. Investors cheered signs of a resilient economy even as President Trump’s effort to oust Federal Reserve governor Lisa Cook took a new turn.
Now, Wall Street is bracing for fresh insight on the chance of a rate cut, with the July reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, set to land Friday at 8:30 a.m. ET.
Bets that the Fed will cut rates at its September policy meeting have risen since Fed Chair Jerome Powell opened the door to easing in his remarks in Jackson Hole, Wyo. Central bank officials, however, must balance signs of a weakening labor market with indications inflation remains stubborn, especially as Trump’s tariffs kick in.
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