E-mini S&P 500 contracts rose approximately 0.3% in early trading Friday, while Nasdaq-100 futures climbed roughly 0.5%, signaling cautious optimism ahead of major economic data.
The primary focus for investors is the June US PCE price index, which is expected to dip 0.1% month on month, while the core reading is forecast to rise 0.2%.
That combination points to a gradual cooling in the cost of living, though inflation continues to sit above the Federal Reserve’s 2% target.
Second quarter US GDP is projected at 2.1% annualized, supported by consumer spending and investment tied to artificial intelligence infrastructure.
The central question for markets is whether slowing inflation combined with steady growth is enough to justify current valuations in rate-sensitive sectors including technology, small caps, and real estate.
Among Friday’s biggest movers, Nebius Group (NASDAQ: NBIS) surged 27.13% ahead of its upcoming Q2 2026 earnings release, drawing significant investor attention.
Bloom Energy (NYSE: BE) jumped 26.49% following a series of analyst updates and raised 2026 revenue guidance, while Sandisk (NASDAQ: SNDK) gained 25.99%.
On the downside, Alnylam Pharmaceuticals (NASDAQ: ALNY) fell 28.31% after quarterly guidance was narrowed and the full-year product revenue target was reduced.
Fair Isaac (NYSE: FICO) declined 17.01% as investors reacted to Q3 results and a sharply lower price target issued by RBC.
Tradeweb Markets (NASDAQ: TW) dropped 9.60% in the session following its Q2 earnings update and recent share repurchase activity.
Looking ahead to the remainder of the week, consumer staples earnings take center stage with Colgate-Palmolive (NYSE: CL) and Church & Dwight (NYSE: CHD) reporting Q2 results on Friday.
Health care names including AbbVie (NYSE: ABBV), Moderna (NASDAQ: MRNA), and STERIS (NYSE: STE) are also reporting Friday, offering an updated read on drug and medical device demand.
Energy giants Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) will release Q2 results Friday, giving investors clarity on cash flows and capital allocation plans heading into the second half.
Asset managers Ares Management (NYSE: ARES) and T. Rowe Price (NASDAQ: TROW) are also due to report Friday, providing insight into fee revenue trends and fund flows.
On the macro front, the US ISM Manufacturing PMI and ISM Manufacturing Employment figures due Monday will shape expectations for factory activity and labor market conditions heading into the following week.
