Dow, S&P 500, Nasdaq futures waver as investors await inflation data amid rate-cut fever

US stock futures wavered below the flatline as Wall Street readied for new data on inflation following a record-breaking day for markets.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) slipped 0.1%.

Stocks rose on Thursday, lifting the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) to new highs. Investors cheered signs of a resilient economy even as President Trump’s effort to oust Federal Reserve governor Lisa Cook took a new turn.

Now, Wall Street is bracing for fresh insight on the chance of a rate cut, with the July reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, set to land Friday at 8:30 a.m. ET.

Bets that the Fed will cut rates at its September policy meeting have been soaring since Fed Chair Jerome Powell opened the door to such a move in his remarks in Jackson Hole, Wyo. Central bank officials, however, must balance signs of a weakening labor market with indications inflation remains stubborn, especially as Trump’s tariffs kick in.