One last batch of inflation data will test markets before Christmas.
A readout on price pressures, personal spending and incomes is due at 8:30 a.m. ET. Economists expect the report to affirm that inflation retreated last month, even as consumer spending rose.
The so-called PCE data, which includes the Federal Reserve’s preferred measure of inflation, could bolster investor hopes that the Fed can guide the economy to a soft landing.
U.S. stock futures drifted lower. Stock in Nike, the sneaker giant and Dow constituent, fell more than 10% premarket after it cut its revenue outlook.
Oil prices rose as concerns over Red Sea shipments lingered. Benchmark Brent crude rose to roughly $80 a barrel.
New curbs on gaming hammered Chinese tech stocks. Stock in industry heavyweight Tencent, one of the companies hit by the restrictions, crashed 12%, helping pull Hong Kong’s Hang Seng Index down 1.7%.
European stocks were muted, with the Stoxx Europe 600 little changed.
Benchmark Treasury yields edged lower. The 10-year yield had settled at just over 3.89% Thursday.
