Dow, S&P 500, Nasdaq futures trade flat as Fed-favored inflation data looms

US stock futures were largely steady Thursday night as Wall Street looked ahead to a fresh read on inflation that could shape the Federal Reserve’s next policy move.

Contracts tied to the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) hovered just above the flatline, while Nasdaq 100 futures (NQ=F) rose 0.1%.

The muted overnight action follows a mixed Thursday session. The S&P 500 (^GSPC) and Nasdaq (^IXIC) eked out modest gains, with the tech-heavy benchmark logging its eighth positive close in nine days. Meta (META) climbed 3.4% and Nvidia (NVDA) rose 2.1%, helping to lift the index.

Investors continue to parse a busy stretch of labor and inflation data ahead of the Fed’s Dec. 10 rate decision. Friday brings a closely watched batch of economic releases, including delayed September figures on personal spending and income, and the central bank’s preferred inflation gauge, the PCE price index. The University of Michigan will also issue its December consumer sentiment reading.

In data released Thursday, a report from Challenger, Gray & Christmas showed US jobs were cut by 71,000 in the worst November data since 2022, driven by restructuring, AI-related shifts, and tariff pressures. Yet Thursday’s weekly jobless claims showed new filings falling to their lowest level since September 2022, reinforcing the picture of a labor market cooling gradually rather than rapidly.

Markets continue to bet heavily on a quarter-point rate cut next Wednesday. Fed funds futures imply an 87% probability of a move, up sharply from earlier in the month, according to CME FedWatch.

Earnings season will roll on through into next week, with Victoria Secret (VSCO) releasing Friday to round out a week dominated by retail data.