US stock futures edged mainly higher on Friday after snapping a recent losing streak, as signs of cooling inflation and waning AI worries buoyed Wall Street optimism toward the tail end of a topsy-turvy week.
S&P 500 futures (ES=F) put on 0.2%, and contracts on the Nasdaq 100 (NQ=F) gained 0.3%, looking to build on Thursday’s roaring rally. Meanwhile, Dow Jones Industrial Average futures (YM=F) fluctuated along the flatline.
Investors have gotten through a catch-up week for economic data with next year’s rate-cut hopes intact, having embraced the outcome of this week’s delayed November reports on jobs and consumer inflation despite warnings over their reliability.
The inflation data on Thursday provided the latest spark Wall Street had been searching for. The Consumer Price Index found inflation cooling at a startling pace. The rally came even as some economists pointed to data collection limitations in the report, thanks to the federal government shutdown, and cautioned that January’s reading would give a better read on the overall state of price pressures.
The rosier inflation picture, combined with a weakening job market, have reignited hopes that the Federal Reserve will continue its recent string of easing. A plurality of traders are still betting on two cuts next year but have shifted more bets in recent days toward more cuts.
Friday will bring a final picture of consumer sentiment from the University of Michigan, after the firm’s initial December survey found the key measure increasing for the first time in five months as respondents’ inflation expectations improved.
Despite Thursday’s rebound, stocks are headed for notable losses for the last full week of trading in 2025. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are both down near 1% this week. Despite annual hopes for a “Santa Claus” rally, both indexes have also been hit so far this month by a broader rotation out of tech stocks. The blue-chip Dow (^DJI) is also down this week, but it is slightly positive so far in December.
US stock markets will be open as scheduled on the morning of Dec. 24 and a regular session on Dec. 26, the NYSE and Nasdaq said. The confirmation came after President Trump ordered the federal government to close on those days.
In corporates, Nike (NKE) shares tanked in premarket trading after the sneaker giant reported continued weakness in its China market, despite outpacing Wall Street’s revenue projections. On the positive side, Oracle (ORCL) stock climbed after China’s ByteDance signed deals to create a TikTok joint venture.
LIVE 6 updates
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Nvidia stock rises as US launches review that could unblock H200 shipments to China
The Trump administration has launched a review that could result in Nvidia (NVDA) being allowed to make its first shipments of advanced AI chips to China, sources told Reuters.
Shares of the chipmaking giant rose before the bell as investors welcomed the sign that President Trump will make good on his pledge to allow the controversial sales of the H200 chips.
Reuters reports:
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Good morning. Here’s what’s happening today.
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Premarket trending tickers: FedEx, Toyota and Coinbase
FedEx (FDX) stock fell 1% before the bell on Friday after announcing its results for its Federal Express business improved in the quarter ending November 30. However, the global courier delivery services incurred $25 million in additional costs in November after the UPS cargo plane crash grounded some of FedEx’s fleet.
Toyota (TM) stock edged up higher during premarket trading, rising more than 1% after the auto group said it will ship three models produced in America to Japan in 2026 in a bid to appease President Trump.
Coinbase (COIN) stock rose 3% before the bell on Friday. The crypto exchange said it plans to sue three US states over their attempts to regulate prediction markets.
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Nike stock slumps as China struggles continue and tariff drag persists
Nike reported a drop in quarterly profits, citing a drag from higher US tariffs and continued weakness in China in its results on Thursday.
Shares in the sneaker giant tumbled 10% in premarket after the sharp fall in China revenue prompted CEO Elliott Hill to say improvements “are not happening at the pace we like.”
AFP reports:
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Oracle rises as TikTok signs agreements for new US joint venture
Oracle (ORCL) stock jumped more than 5% before the bell on Friday after TikTok’s plan to separate from Chinese parent company ByteDance Ltd was put into motion, with the video-sharing app said to be being bought by Oracle.
Bloomberg News reports:
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Gold and silver close in on fresh records after CPI inflation
Bloomberg reports:
Gold (GC=F) and silver (SI=F) hovered near record highs, after slower-than-expected inflation in the US supported bets for more interest-rate cuts. Platinum (PL=F) was close to a 17-year peak.
Spot gold was near $4,320 an ounce in Asia hours on Friday, and on track for a second weekly gain. The core US consumer price index rose at the slowest pace since early 2021, according to data released on Thursday, bolstering the case for lower borrowing costs – a tailwind for non-yielding precious metals.
… Precious metals have been on a scorching rally this year, with both gold and silver set for their best annual performances since 1979. Silver has more than doubled and gold has jumped about two-thirds on a run underpinned by elevated central-bank buying and inflows into bullion-backed exchange-traded funds.
Falling US interest rates have led ETF investors “to start competing for limited bullion with central banks,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note. “We expect the same two drivers — structurally high central-bank demand and cyclical support from Fed cuts — to lift the gold price further.”
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