Wall Street futures indicated a modest decline before the opening bell on Friday, as investors await the release of crucial inflation figures for August from Washington. The Federal Reserve's favored inflation measure, the personal consumption expenditures (PCE) core index, is scheduled to be published at 8:30 am ET.
Analysts expect the index, which excludes certain food and energy prices, to reflect a year-over-year increase of 2.7%. In the futures market, the S&P 500 registered a slight decrease of 0.1%, the Nasdaq dropped by 0.3%, while the Dow Jones remained steady amidst the fluctuations. Overnight, Asian markets predominantly closed higher, buoyed by significant rallies in Hong Kong and Tokyo attributed to expectations of economic stimulus from Beijing and continued monetary support from the Bank of Japan.
Meanwhile, European markets exhibited moderate gains as midday approached on the continent. On the economic agenda, aside from the PCE core report, traders will also look to the advance August international trade in goods data and the retail and wholesale inventories reports for August, both set to be released at 8:30 am ET.
Later in the day, the University of Michigan's consumer sentiment report for September is scheduled for 10 am, which could provide further insights into consumer confidence. Additionally, the Baker Hughes weekly domestic oil and gas rig count will be made public at 1 pm. Federal Reserve Governor Michelle Bowman is also slated to speak at 1:15 pm, which could impact market sentiment.
In premarket trading, Bitcoin was quoted at $65,582, while West Texas Intermediate crude oil saw an uptick, trading at $67.94. The yield on 10-year U.S. Treasuries stood at 3.79%. Spot gold has been trading around $2,665 an ounce, once again testing record highs, indicating ongoing investor demand for precious metals amid economic uncertainty..