US pre-open: Futures rise as traders eye key US inflation print

13th Mar 2026 10:30

(Sharecast News) - Wall Street futures were in the green before the open on Friday as market participants looked ahead to key inflation data.

As of 1200 GMT, Dow Jones, S&P 500 and Nasdaq-100 futures were all 0.39% higher.

The Dow closed 739.42 points lower on Thursday after oil prices surged on the back of comments from Iran's new Supreme Leader, Mojtaba Khamenei, who said that the Strait of Hormuz should remain shut as a "tool to pressure the enemy".

Rising crude prices remained in focus prior to the open on Friday, as did renewed inflation concerns, dampening expectations for how far the Federal Reserve might cut interest rates this year.

With the Fed in mind, Friday's primary focus will be the release of January's personal consumption expenditures index at 1230 GMT, with analysts' expecting to see the central bank's preferred inflation gauge increase a 0.3% month‑on‑month and 2.9% year-on-year. Core PCE, which strips out volatile food and energy costs, was expected to rise 0.4% on the month and 3.1% year‑on‑year.

Trade Nation's David Morrison said: "The US/Israeli war with Iran continues, and it's clear that Iran still has the capability to strike back at its attackers, while also targeting the energy infrastructure of its Persian Gulf neighbours. It is also abundantly clear that President Trump's assertion early this week that the war was won was far from true. Iran is clearly able to launch missiles and drones across the region. It has also effectively blocked the Strait of Hormuz. The fact that the US has been unable to take control of the Strait after two weeks of bombarding Iran's military infrastructure suggests that this war could last for many months. And if the Strait of Hormuz remains blocked, then it won't matter how many barrels of oil are released from various strategic reserves (assuming there's anything left in there) because 20% of the world's supply will be cut off for an extended period.

"Rising energy prices have heightened concerns over additional inflationary pressures, and these are already complicating the Federal Reserve's monetary policy outlook. At the beginning of February, the CME's FedWatch Tool was still forecasting two 25 basis-point rate cuts in 2026 with the first coming in June. Now there's only a 50% chance that there is one cut by year-end. Today sees the release of the Fed's preferred inflation measure, Core PCE. This is expected to show a year-on-year rise of 3%, unchanged from the previous reading and well above the Fed's 2% target. And bear in mind, this update won't include this month's jump in oil prices. Nevertheless, this is an important update which could trigger market volatility should it come out significantly above or below the expectation of a +3.0% reading."

Elsewhere on the macro front, January durable goods orders will also be released at 1230 GMT, while a preliminary reading of the University of Michigan's March consumer sentiment index was slated for release at 1400 GMT, while January's JOLTS job openings report will follow at 1500 GMT.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at Sharecast.com