U.S. equity futures pushed higher early Friday, with investors focused on the upcoming release of a delayed—but closely watched—inflation indicator. Traders are also preparing for fresh consumer sentiment data that may offer clues about household confidence heading into year-end. Meanwhile, media outlets report that Netflix (NASDAQ:NFLX) has entered exclusive negotiations to acquire major film, TV, and streaming assets from Warner Bros Discovery (NASDAQ:WBD), a deal that could dramatically reshape Hollywood.

Futures inch upward

Wall Street futures posted mild gains in anticipation of an inflation reading that could influence the Federal Reserve’s policy stance when officials meet next week.

As of 03:03 ET, Dow futures were up 27 points (0.1%), S&P 500 futures added 17 points (0.2%), and Nasdaq 100 futures climbed 116 points (0.5%).

On Thursday, the broader S&P 500 and the Nasdaq Composite closed higher, while the Dow Jones Industrial Average underperformed.

Investors continued digesting the latest labor figures, including a drop in weekly unemployment claims to the lowest level since 2022 and a Chicago Fed estimate showing the U.S. jobless rate hovering near 4.4% in November.

Following delays caused by the recently concluded government shutdown, policymakers and investors have been relying more heavily on secondary data to gauge the health of the labor market—still a key determinant of the Fed’s interest-rate path.

PCE inflation set for release

With employment trends dominating recent headlines, inflation will take center stage again with the publication of the Personal Consumption Expenditures price index. The Fed frequently cites elements of the PCE report when assessing the trajectory of prices.

The “core” PCE reading—excluding food and energy—is forecast at 2.9% year-on-year and 0.2% month-on-month for September. Analysts caution that the outdated timing, a result of the shutdown-related delay, limits the data’s immediacy.

With the November nonfarm payrolls report also pushed back, the PCE figures, along with updates on consumer income and spending, will be among the last major inputs available before the Fed’s December 9–10 policy meeting, where markets broadly expect another 25-basis-point rate cut.

Latest consumer sentiment reading on deck

The University of Michigan is scheduled to release its latest consumer sentiment survey. Strategists at ING said the gauge will be “more timely” than the PCE figures and may show a modest rebound in household optimism as the holiday shopping season picks up.

Earlier this month, the index had fallen to its lowest level in over three years amid concerns about the government shutdown’s economic fallout. Recent data also shows a stark divide: higher-income households remain resilient, while lower-income consumers are feeling the strain. The university also noted that wealthier respondents were buoyed by “strength in stock markets.”

Reports: Netflix in exclusive talks with Warner Bros Discovery

According to multiple outlets, Netflix is in exclusive negotiations to acquire Warner Bros Discovery’s film and TV studios as well as key pieces of its streaming business. The reported offer values the units at $28 per share and includes brands such as HBO and DC Comics.

If completed, the deal would give Netflix control over some of the world’s most valuable media assets, including the blockbuster franchises “Game of Thrones” and “Harry Potter.”

Reports say Warner Bros recently received a second wave of bids from Netflix, Paramount Skydance, and Comcast following preliminary proposals. The Wall Street Journal said a formal agreement between Netflix and Warner Bros could be announced soon.

In after-hours trading Friday, Warner Bros Discovery shares moved higher, while Netflix dipped slightly.

Oil prices stabilize

Crude prices were steady after Thursday’s rally, supported by expectations of a Fed rate cut and by the continued lack of progress in diplomatic efforts to end the war in Ukraine.

Brent traded near $63.25 per barrel, while West Texas Intermediate slipped 0.1% to $59.59.

Both benchmarks rose nearly 1% in the previous session. Brent was largely unchanged on the week, while WTI appeared set for a second consecutive weekly gain of about 1.5%.

The stalemate in U.S.–Russia negotiations has dampened hopes for an easing of sanctions on Russian crude, keeping a geopolitical risk premium embedded in global oil prices.

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