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US Stock Futures Mixed After Inflation Data Release

The US stock futures were mixed on Friday following the release of the Federal Reserve’s preferred inflation reading. The data showed that inflation cooled in November. The Dow Jones Industrial Average (^DJI) futures fell 0.3%, while S&P 500 (^GSPC) futures hovered just above the flatline after leading stocks’ recovery from a sharp sell-off. Contracts on the tech-heavy Nasdaq 100 (^NDX) were up 0.1%.

Despite the recent pause in the rally, an eighth straight week of gains is still within stocks’ grasp on Friday ÔÇö even if the rises are likely to be slight. The S&P 500 is eyeing a fresh all-time high thanks to investors’ faith that the Federal Reserve will soon start bringing down borrowing costs.

A fresh read on the PCE index showed that prices excluding the volatile categories of food and energy rose 3.2% in November from a year earlier, down from October’s revised annual gain of 3.4%. Analysts had expected a 3.3% annual increase.

In individual stock moves, Nike (NKE) shares sank 12% in premarket trading after the company warned it would cut jobs and expected sales to falter, thanks to weaker consumer spending. Shares of other sportswear makers fell in the wake of its revenue forecast cut.

Elsewhere, Tencent shares (0700.HK) (TCEHY) plunged to lead an $80 billion sell-off in some of China’s biggest online names. Fears of another tech crackdown reignited after Beijing unexpectedly imposed new rules on gaming.

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