US pre-open: Futures little changed ahead of PCE, GDP readings
By Iain Gilbert
Date: Friday 20 Feb 2026
(Sharecast News) - Wall Street futures were little changed prior to the open on Friday as market participants looked ahead to key inflation data, fourth quarter GDP figures, and a potential Supreme Court ruling on Donald Trump's controversial tariff agenda.
As of 1230 GMT, Dow Jones and S&P 500 futures were down 0.06% and 0.01%, respectively, while Nasdaq-100 futures had the index opening 0.04% firmer.
The Dow closed 267.50 points lower on Thursday, more than reversing gains recorded in the previous session, after December's blowout trade defecit.
Friday's primary focus will undoubtedly be the latest personal consumption expenditures price index, due out at 1330 GMT, with economists expecting to see the Federal Reserve's preferred inflation gauge rise 2.8% year‑on‑year, while core PCE was seen at 3%. A hotter‑than‑expected print will likely further dampen hopes of early rate cuts.
However, fourth‑quarter US GDP figures, also set to be released at 1330 GMT, will draw an amount of investor attention, with the GDP reading having a major read‑across for growth expectations and rate‑cut timing. Economists expect a 2.5% annualised expansion, following the much stronger‑than‑forecast 4.4% jump in Q3. Any upside or downside surprise will likely move both Treasury yields and equity futures.
Elsewhere on the macro front, an advance estimate of S&P Global's manufacturing and services PMIs were set for publication at 1445 GMT, while the University of Michigan's February consumer sentiment index and November new home sales data will follow at 1500 GMT.
Market participants were also bracing for a possible Supreme Court ruling on the legality of Trump‑era tariffs under the International Emergency Economic Powers Act. A decision striking down the duties was widely expected to lift equities in the short term, even if the White House later seeks alternative mechanisms to reimpose them. The court has additional decision days scheduled for both 24 and 25 February.
Geopolitics will also remain in focus after tensions between the US and Iran escalated, with Trump saying he will decide within 10 days whether or not he will move to authorise military strikes. Oil prices rose overnight amid fears of a potential conflict in the Middle East.
No major corporate earnings were slated for release on Friday.
Reporting by Iain Gilbert at Sharecast.com
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