U.S. stock futures rose early Friday, fueled by optimism over fresh trade agreements and economic data, with the S&P 500 and Nasdaq inching closer to their all-time highs.
President Donald Trump announced that a trade deal with China has been finalized, while Commerce Secretary Howard Lutnick told Bloomberg that the U.S. is also nearing trade agreements with ten other partners. The finalized China agreement notably includes a commitment by Beijing to deliver rare earth materials, which are essential for advanced technologies like jet engines, wind turbines, and electronics.
As of 6:03 a.m. ET, U.S. index futures posted notable gains:
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Dow Jones Industrial Average futures rose 106 points (0.24%), to 43,824
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S&P 500 futures gained 15 points (0.24%), to 6,210
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Nasdaq 100 futures climbed 71.75 points (0.32%), to 22,741
The S&P 500 and Nasdaq have hovered just below their record peaks in recent sessions and may be poised to break through if bullish momentum holds.
Economic Outlook: Eyes on Inflation and Spending
Before markets open, investors will be watching closely as the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, is set to be released.
Economists project:
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Headline PCE inflation rose 2.3% year-over-year in May
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Core PCE, which excludes food and energy, likely climbed 2.6%
Analysts expect inflationary pressures to persist through the summer, which could influence the Fed’s rate path.
Meanwhile, the 10-year Treasury yield edged up to 4.273%, reflecting cautious optimism about the economy and tighter monetary expectations.
Corporate Highlights
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Nike Inc. beat Wall Street’s quarterly earnings estimates but warned that tariffs could raise costs by $1 billion in the current fiscal year. The company plans to mitigate this by raising prices and cutting internal expenses. Its shares jumped 9.34% in pre-market trading.
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CorMedix, a pharmaceutical firm, announced plans to sell $85 million in stock via a public offering. Its shares fell 10.76% in response.
Cryptocurrency Update
In digital asset news, Bakkt Holdings filed with the U.S. Securities and Exchange Commission (SEC) to potentially raise up to $1 billion to invest in bitcoin and other digital assets.
Bitcoin was last trading up 0.15%, priced at $107,115.80.