Stock futures were higher on Friday following the release of crucial inflation data. S&P 500 futures rose 0.3%, while the Nasdaq 100 futures gained 0.2%. Futures tied to the Dow Jones Industrial Average added 210 points, or 0.5%. August’s personal consumption expenditures price index, which is widely known to be the Federal Reserve’s preferred inflation measure, showed that core inflation – a measure excluding food and energy costs – ran at a 2.9% seasonally adjusted annual rate and 0.2% on a monthly basis, according to a Commerce Department. That was in line with what economists polled by Dow Jones were expecting. The all-items index showed an annual rate of 2.7% as well as a monthly gain of 0.3%, in line with expectations as well. Markets continue to price in two quarter-point rate cuts at the Fed’s upcoming meetings, per the CME FedWatch tool, which is what the central bank has projected. The outcome swayed market reaction a bit, with stock futures ticking higher, and came on the heels of solid jobs data released Thursday and a strong upward revision in second-quarter gross domestic product to 3.8% slightly dampened bullish sentiment. Investors fear fewer jobless claims could mean that the economy is in decent shape and therefore give the Fed less reason to cut interest rates. “Following a three-day pullback in the broader market, this is good enough to pull buyers off the sidelines,” said David Russell, global head of market strategy at TradeStation. “Yesterday’s claims and GDP revision undermined the dovish narrative, but today’s PCE calms some of those worries. No news is good news.” The market’s third consecutive day in the red on Thursday was spurred by continued losses in software giant Oracle and other artificial intelligence players amid questions over the strength of the AI trade. Week to date, the S&P 500 is down nearly 0.9%. The tech-heavy Nasdaq Composite has lost about 1.1% while the Dow Jones Industrial Average has shed 0.8%. Oracle is down 5.6% for the week. Stocks could also face more pressure from a slew of tariffs signaled by Trump. In a Truth Social post, he said the U.S. would impose a 100% tariff on “any branded or patented Pharmaceutical Product.” He added that measure will not apply to companies building drug manufacturing plants in the U.S. Trump also said imported heavy trucks will get a 25% levy on Oct. 1. Shares of truck manufacturer Paccar jumped 5% in premarket trading on Friday following the president’s announcement. Meanwhile, Costco shares were 1% lower in the premarket after the retailer saw its same-store sales decelerate for the second quarter in a row. The company’s fourth-quarter earnings and revenue had topped analyst expectations, however. U.S. Treasury yields were little changed on Friday as investors analyzed the latest inflation data and what it could mean for the U.S. economy. The 10-year Treasury yield ticked down 1 basis point lower to 4.168%, while the 2-year Treasury yield slipped 1 basis points to 3.651%. The 30-year Treasury bond yield was also down around 1 basis point at 4.744%. Shares of Asian pharmaceutical companies fell Friday after U.S. President Donald Trump announced fresh tariffs on furniture, heavy trucks and pharmaceutical products. Overnight in the U.S., Trump also signed an executive order approving a proposal that would keep TikTok alive in the U.S. The transaction values the business at $14 billion, according to Vice President JD Vance. Under the terms, which China must approve, a new joint-venture company will oversee TikTok’s U.S. business, with ByteDance retaining less than a 20% stake. Japan’s Nikkei 225 declined 0.87% to close at 45,354.99, while the Topix rose marginally to close at a fresh record high of 3,187.02. Investors also assessed September inflation data from Japan’s capital city of Tokyo. South Korea’s Kospi declined 2.45%, leading losses in Asia to close at 3,386.05 while the small-cap Kosdaq retreated 2.03% to 835.19. Australia’s S&P/ASX 200 added 0.17% to 8,787.7. Hong Kong’s Hang Seng index declined 1.35% to 26,128.20, while the mainland Chinese CSI 300 index was 0.95% lower at 4,550.05. Oil prices edged up on Friday, on track for a more than 4% weekly gain, as Ukraine’s attacks on Russia’s energy infrastructure prompted Moscow to curb fuel exports. Brent futures climbed 13 cents, or 0.2%, to $69.55 a barrel by 0910 GMT while U.S. West Texas Intermediate (WTI) crude gained 16 cents, or 0.3%, to $65.14 a barrel. “The geopolitical risk premium, which has been steadily building over the last two months as Ukrainian drone strikes intensified, has now materialised into an actual supply shortage, much to the detriment of Europe, which is structurally short of distillates,” said PVM analyst Tamas Varga. Both benchmarks are set to register their biggest increases since mid-June. Gold held steady on Friday after better-than-expected U.S. GDP data dampened bets of further U.S. rate cuts, while investors awaited key inflation data later in the day. Spot gold held its ground at $3,749.24 per ounce, as of 0817 GMT. The metal has climbed 1.9% so far this week, and hit a record high of $3,790.82 on Tuesday. U.S. gold futures for December delivery rose 0.2% to $3,779.40.