US stock futures edged higher on Friday as investors braced for the upcoming Personal Consumption Expenditures price index report, the Federal Reserve’s preferred gauge of inflation.
On Thursday, the Dow and S&P 500 posted losses of 0.45% and 1.59%, respectively, marking their lowest levels in six weeks.
The tech-heavy Nasdaq Composite also took a significant hit, plunging 2.78% to its lowest point in nearly four months.
These declines were driven by a selloff in technology stocks, with AI leader Nvidia falling 8.5% following its earnings report.
Other chipmakers, AI-related stocks, and cryptocurrency stocks also saw sharp declines.
Sentiment was further dampened by news that former President Trump confirmed the imposition of 25% tariffs on European automobiles, along with new levies on Mexico and Canada, set to take effect on March 4.
The bearish mood was compounded by growing economic concerns, with recent economic reports signaling potential risks ahead.
