Dow Jones, S&P 500 futures steady before GDP, tariff ruling

US stock index futures were little changed on Friday as investors awaited key economic data, monitored geopolitical developments, and looked ahead to a potential Supreme Court ruling on President Donald Trump’s tariffs.

Markets appeared cautious after a mixed week on Wall Street, with traders positioning for multiple catalysts that could influence monetary policy expectations and equity sentiment.

Futures tied to the Dow Jones Industrial Average slipped about 59 points, while S&P 500 futures and Nasdaq 100 futures fell by 0.11%.

Economic data and Fed outlook in focus

Investors are watching closely for the fourth-quarter gross domestic product report, which economists polled by Dow Jones expect to show real GDP growth of about 2.5%.

The previous quarter recorded a stronger-than-expected 4.4% expansion.

Markets will also receive the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation.

Economists expect the headline figure to rise 2.8% year over year, while core PCE — excluding food and energy — is projected to increase 3% annually.

Federal Reserve policymakers remain divided on the outlook for interest rates.

Some officials are concerned about supporting the labor market, while others remain focused on persistent inflation above the central bank’s 2% target.

Minutes from the January meeting showed several officials want clearer evidence that inflation is cooling before backing additional rate cuts.

Supreme Court tariff ruling and market reaction

Traders are also watching for a possible US Supreme Court ruling on the legality of Trump’s tariffs imposed under the International Emergency Economic Powers Act.

Many investors believe equities could react positively if the duties are struck down, although markets expect policymakers to pursue alternative trade measures.

Economists at the Penn-Wharton Budget Model estimate that overturning the tariffs could require refunding more than $175 billion in collected duties.

The Court has additional decision days scheduled next week, leaving markets uncertain about the timing.

Geopolitics and sector movements

Geopolitical tensions between Washington and Tehran also weighed on sentiment.

Trump warned that he would decide within 10 days whether to launch military strikes if negotiations fail, pushing oil prices higher earlier in the week.

Technology stocks have faced pressure recently amid concerns about high valuations and uncertainty over returns on large artificial-intelligence investments.

Some sectors — including software and real estate — were hit by worries that advanced AI models could disrupt business models.

Tech heavyweight Nvidia's shares were down 0.32% in premarket trading while Alphabet's shares were up 1.27%.

In premarket trading, Akamai Technologies dropped more than 11% after forecasting weaker-than-expected first-quarter profit.

Cryptocurrency-related companies rose as bitcoin climbed about 1.4%, with Coinbase gaining roughly 0.64% and Strategy advancing around 0.7%.

On Thursday, the S&P 500 fell about 0.3%, the Nasdaq Composite also lost 0.3%, and the Dow Jones Industrial Average dropped 267 points, or 0.5%.

For the week, the S&P 500 remained on track for modest gains, while the Nasdaq looked set to end a five-week losing streak.

Investors now await economic data and policy signals for clearer direction on growth, inflation, and interest rates.