US stock futures mostly moved higher on Friday as Wall Street looked ahead to a fresh reading on inflation that though delayed, could reset expectations for the Federal Reserve’s next interest-rate move.

S&P 500 futures (ES=F) edged up 0.2%, while those on the Nasdaq 100 (NQ=F) rose 0.4%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, traded broadly flat following a mixed Thursday session.

Investors continue to bet heavily on a quarter-point rate cut from the Fed next Wednesday. Fed funds futures imply 87% odds of easing, compared with 62% a month ago, according to CME FedWatch.

Given that, focus has sharpened on labor and inflation data to test those hopes ahead of the central bank's Dec. 10 rate decision. Friday brings a closely watched batch of economic reports, including delayed September figures on personal spending and income, and the University of Michigan's snapshot of consumer sentiment in December. But the marquee event is the September reading on the Fed's preferred inflation gauge, the PCE price index, also held up by the recent government shutdown.

On Thursday, a Challenger report showed US companies cut 71,000 jobs last month amid restructuring, AI-related shifts, and tariff pressures, for the worst November print since 2022. Yet new weekly jobless claims fell 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.

Bloomberg reports:

Silver (SI=F) steadied, after retreating from an all-time high earlier in the week as traders took profits from a rally that’s seen as overheated. Gold was little changed.

The white metal was trading at around $57.05 an ounce, having fallen more than 2% in the previous session to snap an eight-day winning streak. The pullback on Thursday moved silver out of overbought territory after its rapid advance to nearly $59 on Wednesday.

The metal’s rally has been supported by rising expectations the Federal Reserve will lower interest rates at its meeting next week. Swap contracts indicate a near-certainty the Fed will reduce the cost of borrowing – a benefit for non-yielding precious metals. These bets withstood the latest US employment data, which showed jobless claims fell to a three-year low.

Silver edged down 0.2% to $57.0225 an ounce as of 7:45 a.m. Singapore time. Gold was steady at $4,205.13, while platinum and palladium were also little changed. The Bloomberg Dollar Spot Index rose 0.1% in the previous session.

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