US pre-open: Futures cautiously higher ahead of September PCE reading
By Iain Gilbert
Date: Friday 05 Dec 2025
(Sharecast News) - Wall Street futures were in the green ahead of the open on Friday as investors patiently awaited the publication of September consumer spending figures and personal consumption expenditures price index, Federal Reserve'ss preferred inflation gauge.
As of 1245 GMT, Dow Jones futures were up 0.13%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.20% and 0.36% firmer, respectively.
The Dow closed 31.96 points lower on Thursday, taking a bite out of gains recorded in the previous session.
Traders continued to price in nearly 90% odds of a quarter‑point move from the Federal Reserve next week, according to CME FedWatch, following recent softness in labour market indicators.
Focus will now turn to the Commerce Department's September PCE report, which was postponed as a result of the Federal government shutdown and will be published at 1330 GMT. Economists expect headline PCE inflation to tick up slightly to around 2.8% year‑on‑year, with core PCE holding near 2.9% - above the Fed's 2% target. Traders will be keen to see whether the data confirms the narrative of cooling price pressures or further complicate the Fed's easing path.
Rostro's Joshua Mahony said: "Today sees the belated US core PCE inflation gauge released for September, representing the final hurdle before next week's interest rate decision from the Fed. With FOMC members in their pre-meeting blackout period, we are unlikely to see any additional data or commentary that might shift expectations beyond today. Wednesday's ADP payrolls figure saw the biggest monthly decline in private job creation since March 2023, and thus a decline in today's core PCE inflation metric would undoubtedly tilt the dynamic further in favour of a cut."
Elsewhere on the macro front, September consumer spending and income numbers will also be released at 1330 GMT, while a preliminary reading of the University of Michigan's December consumer sentiment index was slated for release at 1500 GMT, and October consumer credit change figures will follow at 2000 GMT.
In the corporate space, Victoria's Secret reported third-quarter sales that came in ahead of expectations, leading it to hike its full-year outlook, while Netflix shares headed south after the streaming giant struck a deal to buy Warner Brothers Discovery.
Reporting by Iain Gilbert at Sharecast.com
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