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Dow, S&P 500, Nasdaq futures rise with Wall Street set for last volatile week

US stock futures remained in the green on Friday after snapping a recent losing streak, as concerns about cooling inflation and slowing AI boosted Wall Street optimism at the tail end of a topsy-turvy week.

S&P 500 futures (ES=F) rose 0.3%, and contracts on the Nasdaq 100 (NQ=F) rose 0.5%, looking to build on Thursday’s roaring rally. Meanwhile, Dow Jones Industrial Average futures (YM=F) are above the flatline.

Investors kept hopes of next year’s rate cut intact through a catch-up week for economic data, embracing the results of this week’s late November reports on jobs and consumer inflation despite warnings over their credibility.

Thursday’s inflation data provided the latest spark Wall Street had been looking for. The consumer price index found inflation cooling at a surprising pace. The rally came even after some economists pointed to data collection limitations in the report, thanks to the federal government shutdown, and warned that January’s reading would give a better reading on the overall state of price pressures.

A rising inflation picture coupled with a weak job market has rekindled hopes that the Federal Reserve will continue its recent string of easing. A majority of traders are still betting on two cuts next year but have shifted more bets towards more cuts in recent days.

Friday will bring the final picture of consumer sentiment from the University of Michigan, after the firm’s preliminary December survey found a key measure rose for the first time in five months as respondents’ inflation expectations improved.

Despite Thursday’s rebound, stocks are headed for significant losses for the last full week of trading in 2025. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are both down about 1% this week. Despite annual hopes for a “Santa Claus rally,” both indexes have also been hit by a broader rout in tech stocks so far this month. The blue-chip Dow (^DJI) is also down this week, but it’s been a bit positive so far in December.

In corporates, shares of Nike ( NKE ) tanked in premarket trading after the sneaker giant reported continued weakness in the China market despite beating Wall Street revenue forecasts.

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Nike stock fell as China struggles and tariff drags continue

Nike reported a drop in quarterly profit in Thursday’s results, citing higher U.S. tariffs and continued weakness in China.

The sneaker giant’s shares fell 10% in premarket after a sharp decline in China revenue, prompting CEO Elliott Hill to say that reforms are “not happening at the pace we would like”.

AFP reports:

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Oracle soars after TikTok signs deal for new US joint venture

Shares of Oracle ( ORCL ) jumped more than 5% before the bell on Friday after it put TikTok’s plan to spin off from Chinese parent ByteDance Ltd, the video-sharing app said to be bought by Oracle.

Bloomberg News reports:

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Gold and silver close at new records after CPI inflation

Bloomberg reports:

Gold (GC=F) and silver (SI=F) neared record highs, supporting conditions for further interest-rate cuts after slower-than-expected inflation in the United States. Platinum (PL=F) was near 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 U.S. consumer price index rose at its slowest pace since early 2021, according to data released Thursday, bolstering the case for lower borrowing costs — a tailwind for non-yielding precious metals.

… Precious metals are on the upswing this year, with both gold and silver set for their best annual performances since 1979. Silver prices more than doubled and gold prices rose by two-thirds, driven by higher central bank purchases and flows into bullion-backed exchange-traded funds.

The fall in U.S. interest rates has left ETF investors “competing with central banks for limited bullion,” Goldman Sachs Group Inc. analysts, including Dan Struven, said in a note. “We expect the same two drivers – structurally higher central-bank demand and cyclical support from Fed cuts – to further boost gold prices.”

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