US stock futures stalled on Friday as investors braced for key inflation and growth data, but kept a watchful eye out for US-Iran tensions and a potential Supreme Court tariff decision.

Contracts on the tech-exposed Nasdaq 100 (NQ=F) and the S&P 500 (ES=F) moved down roughly 0.2%, shedding small earlier premarket gains. Dow Jones Industrial Average futures (YM=F) also moved down 0.2%, coming off the end of a three-day winning streak on Thursday.

The market is waiting for readings on December PCE inflation and fourth quarter US economic growth to help adjust expectations for interest-rate cuts this year. Annual core PCE, which strips out food and energy and is the Federal Reserve's preferred gauge of inflation, is expected to heat up to 3%.

Also due later, the preliminary GDP report is expected to show that growth cooled in the quarter amid disruptions from the federal shutdown, but still stayed solid at 3%.

At the same time, Wall Street is on alert for stress in the private credit sector, after Blue Owl's (OBDC, OWL) halt to withdrawals. Fears are the move is a "canary in the coalmine" financial crisis-style moment amid concerns about the sector's holdings of software stocks threatened by AI. Blue Owl shares continued to fall in premarket after it sold $1.4 billion in private loans, including to the lender's own insurer.

US-Iran tensions are also in focus, after President Trump said he will decide within 10 days on military strikes unless a nuclear deal is struck. Oil prices retreated, seen as due to relief that a full-on conflict seems off the cards.

Investors are also keyed into whether the Supreme Court will strike down Trump's "Liberation Day" tariffs on Friday, as a decision is possible. A host of outcomes remains possible, with perhaps the only certainty for investors being that markets will react, regardless of how the decision goes.

Looking at the week so far, the S&P 500 (^GSPC) is up 0.4%. The Nasdaq (^IXIC) is on track to break a five-week losing streak with a 0.6% gain, while the Dow (^DJI) is down about 0.2% over the same stretch.

Grail (GRAL) stock sank over 40% before the bell on Friday after the healthcare company's cancer trial results failed to impress investors.

Barrons reports:

The biotech company said its multi-cancer screening test Galleri did not lead to a “statistically significant reduction” in stage 3 and 4 cancer in a U.K. National Health Service (NHS) trial of more than 142,000 people between the ages of 50 and 77.

Galleri is a blood test, developed by Grail, to screen for a number of cancers before they become symptomatic.

However, Grail said there was a “favorable trend” toward fewer stage 3 and 4 cancers in a group of 12 deadly cancers, as well as an increase in diagnoses of early stage cancer types that are typically detected later.

Read more here.

Chemours (CC) fell 9% during premarket trading on Friday after reporting a loss in its fourth quarter earnings and a dip in revenue. This was driven by a drop in its titanium technologies and advanced performance materials businesses.

Live Nation (LYV) stock rose more than 3% before the bell on Friday after the ticket provider posted an 11% increase in fourth-quarter revenue to $6.31 billion, driven by a 12% gain in concert sales.

AppLovin's (APP) stock jumped 5% during premarket hours on Friday after the release of its fourth quarter earnings and the company's plan to launch a social networking platform.

Beyond the splashy AI chip news, there's something else worth a deeper look in the stepped-up data center partnership agreed by Nvidia (NVDA) and Meta (META) this week.

The agreement will also see Meta roll out Nvidia Grace CPU-only servers in its data centers, the first large-scale deployment of the chips. It's part of Nvidia's CPU play — and that could ring alarm bells for Intel (INTC) and AMD (AMD).

Yahoo Finance's Daniel Howley writes:

Grace is the processor that Nvidia pairs with two Blackwell or two Blackwell Ultra GPUs to form its GB200 and GB300 AI superchips.

The Grace-only servers come at a time when Nvidia is angling to capitalize on the growing demand for traditional CPUs as hyperscalers increasingly look to the chips to help power some AI inferencing and agentic AI applications.

“Nvidia has been on the path of providing more of the content in the data center for a while,” Gil Luria, managing director and head of technology at D.A. Davidson, told Yahoo Finance.

“The addition of Mellanox [a networking company Nvidia acquired in 2020] put them into the networking category as well. So when they sell into the data center, they're actually selling almost a vast majority of the value. But it makes sense for them to increase that value even further by adding CPU capacity.”

Read more here.

Opendoor's (OPEN) stock jumped 14% during premarket hours on Friday, despite posting a fourth quarter loss of $1.26 per share, missing analysts' estimates. Revenue reached $736 million, surpassing Wall Street estimates of $576.94 million.

The digital real estate company also reported that home purchases had risen 46% quarter-over-quarter.

Investing.com reports:

Chief Executive Officer Kaz Nejatian emphasized that the current results validate the company's long-term roadmap toward sustainable profitability. He noted that structural improvements in pricing and inventory turns are now beginning to materialize in the financial data.

“These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection,” Nejatian said in the earnings release. “The evidence of progress is clear.”

Looking ahead, management is prioritizing a return to positive adjusted net income by the end of 2026 on a rolling twelve-month basis. For the first quarter of 2026, the company anticipates an adjusted EBITDA loss between $30 million and $35 million.

“We're focused on making the right long-term decisions to rebuild Opendoor rather than managing to short-term guidance,” the company stated regarding its forward-looking guideposts. Revenue is expected to decline by approximately 10% in the upcoming quarter.

Read more here. 

Reuters reports:

Nvidia (NVDA) is close to finalizing a $30 billion investment ‌into OpenAI that will replace ‌the long-term $100 billion commitment agreed upon by the ​companies last year, the Financial Times reported on Thursday, citing sources.

The deal, which would be part of ‌a new ⁠funding round for the artificial intelligence start-up, could be ⁠finalized as early as this weekend, the report added.

Reuters could ​not immediately ​verify the ​report. Nvidia declined ‌to comment.

ChatGPT maker OpenAI is looking to raise up to $100 billion in its latest funding round, valuing it at about $830 billion, Reuters ‌reported in January.

Read more here.