Dow, S&P 500, Nasdaq futures steady as US-Iran tensions rise, PCE inflation looms

US stock futures were steady late Thursday as investors braced for a heavy slate of economic data after the end of a three-day winning streak for the Dow and S&P 500.

Contracts linked to the Dow Jones Industrial Average (YM=F), S&P 500 futures (ES=F) and Nasdaq 100 futures (NQ=F) all held around the baseline.

Oil has been in focus after contracts for both Brent (BZ=F) crude and West Texas Intermediate (CL=F) continued their ascent on Thursday amid rising tensions between the US and Iran. President Trump said he would decide within 10 days whether to pursue military strikes against the country as he pursues a deal over its nuclear program.

Meanwhile, markets will turn their attention Friday morning to a fresh reading of the the Personal Consumption Expenditures index. Consensus estimates call for headline PCE to rise 2.8% year over year, with core PCE, which strips out food and energy and is the Federal Reserve’s preferred gauge of inflation, increasing 3% over the same period. Investors will also get the first reading of fourth-quarter US GDP.

Regarding the future of rate cuts, Fed officials remain split on the path ahead. While inflation has moderated from its peak, it continues to run above the central bank’s 2% target. Minutes from the January meeting suggest some policymakers want clearer evidence that price pressures are cooling before endorsing additional rate cuts, while others are focused on protecting labor market strength.

Earnings season continues, with major names already having reported this week. Nvidia (NVDA) and Dell (DELL) report next week, potentially indicating the extent of the AI sell-off that some analysts think is “overblown.”

For 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.