The spotlight in Friday’s session is likely to be on the April personal income and spending report, which encompasses a key inflation measure.

U.S. stock futures headed lower in Thursday’s overnight session as uncertainty over President Donald Trump’s tariffs returned. The imminent release of some key economic data also weighed down on sentiment.

Confounding the tariff outlook, the U.S. Court of Appeals for the Federal Circuit temporarily paused the U.S. Court of International Trade’s ruling overturning Trump’s tariffs. 

At 11:17 p.m. ET, the Nasdaq 100 and S&P 500 futures slipped 0.26% and 0.21%, respectively. The Russell 2000 futures moved down 0.23%, while the Dow futures were down a more modest 0.12%.

Crude oil futures extended the slide in the overnight session, falling moderately toward the $60 mark. Hopes of rising supply from OPEC+ nations weighed down on sentiment. Gold futures also slid in Friday’s Asian session,

The 10-year Treasury note yield continued to decline, falling marginally to 4.414% after hours.

The U.S. dollar strengthened against risky bets but was slightly weak against the yen and the Swiss franc.

The spotlight in Friday’s session is likely to be on the personal income and spending report for April, which encompasses a key inflation measure. The core price consumption expenditure (PCE) index is expected to show a 0.1% monthly rise versus unchanged level in the previous month.

However, the annual rate is expected to stay at 2.6%.

Also on tap is the final reading of the University of Michigan’s consumer sentiment reading for May (10 a.m. ET), the Chicago business barometer (9:45 a.m. ET), and a speech by San Francisco Fed President Mary Daly (4:45 p.m. ET).

Shoe Carnival (SCVL) is scheduled to report its quarterly results before the market opens.

According to Carson Group Chief Market Strategist Ryan Detrick, the market is right back near its all-time highs despite the ongoing tariff headwinds because corporate earnings are holding up.

“Two months ago, we were promised earnings would collapse, but that never happened,” he said.

Stocks showed listlessness on Thursday, as the early optimism generated by the trade court ruling gave way to skepticism. Traders also digested a small upward revision to first-quarter GDP, although it still showed a contraction, a rise in weekly jobless claims, and a sharp drop in pending home sales.

After moving in a broad range, the major averages closed the session modestly higher.

The Invesco QQQ Trust (QQQ) ETF and the SPDR S&P 500 ETF (SPY) ended Thursday’s session up 0.20% and 0.39%, respectively.

The SPDR Dow Jones Industrial Average ETF Trust (DIA) added 0.25%, and the iShares Russell 2000 ETF (IWM) rose 0.30%.

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