Stock market today: Dow, S&P 500, Nasdaq futures slide as investors await Fed-watched inflation data

US stock futures dropped on Friday, pulling back from record highs as Wall Street readied for an update on consumer inflation that will feed into expectations for interest-rate cuts.

Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) both pulled back roughly 0.4%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the retreat, down 0.5%.

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Stocks rose on Thursday, lifting the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) to new highs. Investors cheeredsigns 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 risen since Fed Chair Jerome Powell opened the door to easing in his remarks in Jackson Hole, Wyo. Central bank officials, however, must balance signs of a weakening labor market with indications inflation remainsstubborn, especially as Trump's tariffs kick in.LIVE4 updates

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Christopher Waller has signaled he wants the Federal Reserve to start lower interest rates with a quarter-point cut in September, with more easing to follow in the months after.

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Reuters reports:

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China's $1.3 trillion stock surge raises questions about staying power

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Bloomberg reports:

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Gold pushes back towards record highs in second weekly gain.

Gold (GC=F) has seen consecutive weeks of gains to push back towards records set in April. Fears around the Fed's independence and the upcoming inflationary report have made the precious metal an attractive prospect to investors seeking stability.

Bloomberg reports:

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