Key Moments
- U.S. stock index futures advanced after a softer-than-expected November CPI print bolstered expectations for additional Federal Reserve rate cuts in the coming year.
- Oracle (NYSE:ORCL) jumped 5% in premarket trading on reports tying it to a TikTok U.S. deal and fresh funding plans at OpenAI, while Nike (NYSE:NKE) sank 10% after weak China sales and margin pressure.
- Oil prices inched higher but remained on track for a second straight weekly loss, with both Brent and WTI futures set to fall more than 2% for the week.
Equity Futures Rise After Inflation Surprise
U.S. equity index futures moved higher on Friday, building on the prior session’s advance as investors digested a cooler-than-anticipated consumer price index reading for November and increased their bets on further interest rate cuts in the new year.
At 05:55 ET (10:55 GMT), Dow Jones Futures were up 40 points, or 0.1%. S&P 500 Futures rose 18 points, or 0.3%, and Nasdaq 100 Futures gained 100 points, or 0.4%.
Major Wall Street benchmarks had closed in positive territory on Thursday, ending four-day losing streaks. The softer inflation data strengthened hopes that the Federal Reserve will lower borrowing costs further in 2026.
Despite the rebound, the key indices remained on course for weekly losses. The S&P 500 and the Dow Jones Industrial Average were each lower by about 0.8% and 1%, respectively, for the week. The NASDAQ Composite was also down 0.8% on a week-to-date basis.
Inflation Data Focus Shifts to December
The November CPI report, which came in below expectations, improved sentiment by reinforcing the view that the Fed may be able to cut interest rates more in the coming year. However, analysts cautioned that this single reading was unlikely to significantly alter policymakers’ stance.
They noted that the November data still reflected some remaining distortions tied to an October government shutdown, potentially limiting its usefulness in shaping the Fed’s outlook.
Goldman Sachs analysts said Thursday’s reading was “unlikely to move the needle” for the Fed, stating that December’s data will be much more significant for policymakers in gauging whether inflation was cooling.
Looking further ahead, the bank projected that the current global equity bull market will continue to broaden in 2026, with gains extending beyond U.S. technology names as earnings growth persists across regions.
Goldman Sachs Equity Outlook for 2026
Strategists led by Peter Oppenheimer forecast around 13% price returns for global equities in 2026, rising to about 15% including dividends. They expect performance to be driven primarily by earnings growth rather than multiple expansion.
The team argues that, given its macro outlook of continued economic expansion and modest easing by the U.S. Federal Reserve, “it would be unusual to see a significant equity setback/bear market without a recession, even from elevated valuations.”
Pre-market Movers: Oracle, FedEx, Nike
In corporate news, Oracle (NYSE:ORCL) was a notable gainer in premarket trading, with shares up 5% following reports that the company is part of an American consortium planning to acquire the U.S. operations of social media platform TikTok.
According to Mizuho analysts, such a transaction could support demand for Oracle’s high-margin, non-artificial intelligence cloud offerings.
Oracle also drew support from a report that AI firm OpenAI – a key partner for the company – is seeking to raise at least $100 billion at a $830 billion valuation.
Even with the premarket bounce, Oracle shares remained more than 18% lower over the past month. Concerns about stretched AI-related valuations and questions around OpenAI’s ability to sustain its spending plans have weighed heavily on technology names, with Oracle particularly hard hit after issuing soft guidance last week.
FedEx Corporation (NYSE:FDX) traded lower in premarket dealings after the package delivery group reported fiscal second-quarter earnings that exceeded expectations but cautioned that the macroeconomic backdrop remains highly challenging.
Fedex’s strong earnings and positive guidance was driven chiefly by ongoing cost-cutting measures at the delivery giant.
Nike (NYSE:NKE) slumped 10% after the sportswear company reported narrowing quarterly margins and a drop in revenue from its Greater China segment during the fiscal second quarter. It was the sixth consecutive quarter of falling sales in that market.
CEO Elliott Hill said in the company’s post-earnings call that “it’s clear we need to reset our approach to the China marketplace,” which accounts for roughly 15% of revenue.
Key Stock and Index Metrics
| Instrument / Company | Move / Level | Context |
|---|---|---|
| Dow Jones Futures | +40 points (0.1%) | Early U.S. session |
| S&P 500 Futures | +18 points (0.3%) | Early U.S. session |
| Nasdaq 100 Futures | +100 points (0.4%) | Early U.S. session |
| S&P 500 (week-to-date) | About -0.8% | Heading for weekly loss |
| Dow Jones Industrial Average (week-to-date) | About -1% | Heading for weekly loss |
| NASDAQ Composite (week-to-date) | -0.8% | Heading for weekly loss |
| Oracle (NYSE:ORCL) | +5% premarket | Deal reports and OpenAI fundraising news |
| FedEx (NYSE:FDX) | Lower premarket | Beat on Q2 earnings, macro still challenging |
| Nike (NYSE:NKE) | -10% | Margin pressure and ongoing China revenue decline |
Oil Heads for Second Weekly Drop
In commodities, crude prices edged higher but were still set to record a second consecutive weekly decline. Persistent worries about oversupply, together with rising expectations for a potential Russia-Ukraine peace agreement, outweighed concerns about possible disruptions linked to a blockade of Venezuelan oil tankers.
Brent futures rose 0.1% to $59.83 a barrel, while U.S. West Texas Intermediate crude futures also advanced 0.1% to $56.03 a barrel.
Both benchmarks were on track to fall by more than 2% for the week.
Markets have been pressured by expectations that global oil supply will continue to exceed demand into 2026. Higher output from non-OPEC producers and muted consumption growth in key economies are seen keeping inventories well supplied.
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