12.03.202623:53:33UTC+00US Futures Stabilize Ahead of PCE Data

US stock futures inched higher on Friday, stabilizing after sharp losses in the previous session, as investors braced for another key inflation report. January’s PCE price index, the Federal Reserve’s preferred inflation gauge, is due later today, though it will not reflect the impact of the ongoing war involving Iran. Markets will also parse the first revision of Q4 US GDP growth and the latest March consumer confidence data.

On Thursday, the Dow shed 1.56%, the S&P 500 fell 1.52%, and the Nasdaq Composite lost 1.78%, with all three benchmarks closing at their lowest levels since November. Eight of the S&P 500’s 11 sectors finished lower, led by industrials, consumer discretionary, and healthcare. The selloff followed a sharp rise in oil prices after Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep the Strait of Hormuz effectively closed. Tehran has stepped up attacks on shipping assets, while US and Israeli strikes on Iran have continued.