5 Things to Know Before the Stock Market Opens

U.S. stock futures are edging lower as investors prepare for today’s release of a key inflation report; the Personal Consumption Expenditures (PCE) data is expected to show inflation remained elevated in February; General Motors (GM) shares continue to move lower after President Donald Trump’s tariffs on auto imports; Nvidia (NVDA)-backed cloud computing company CoreWeave is expected to make its trading debut today on the Nasdaq; and U.S. Steel (X) shares are jumping on a report that Nippon Steel is planning to invest up to $7 billion to get Trump’s approval of their $14 billion merger. Here’s what investors need to know today.

1. US Stock Futures Edging Lower Ahead of Key Inflation Report

U.S. stock futures are edging lower ahead of today’s release of key inflation data after indexes fell for a second consecutive session Thursday. Nasdaq futures are 0.3% lower after the tech-heavy index fell 0.5% in the prior session. S&P 500 and Dow Jones Industrial Average futures also are pointing slightly lower after the indexes recorded losses yesterday. Bitcoin (BTCUSD) is dropping to trade below $85,000. The 10-year Treasury yield and oil futures also lower. Gold futures are moving higher.

2. PCE Data Expected to Show Inflation Remained Elevated in February

Inflation is expected to have remained stubbornly elevated in February when the Personal Consumption Expenditures (PCE) data is released at 8:30 a.m. ET. Economists surveyed Dow Jones Newswires and The Wall Street Journal expect the February PCE measurement to show prices rose at an annual rate of 2.5%, the same level as the prior month. “Core” inflation—the benchmark that officials at the Federal Reserve use to gauge whether inflation is running at the central bank’s target of a 2% annual rate—is expected to have risen 2.7%, up from 2.6% in January.

3. GM Stock Falls Further Following New Auto Tariffs

General Motors (GM) shares are falling 1% further in premarket trading after shedding more than 7% yesterday on President Trump’s auto tariffs announcement. Shares of Jeep and Chrysler parent Stallantis (STLA) are down more than 2% after a 1.3% decline Thursday, while those of Ford (F) are edging higher after a nearly 4% drop yesterday. Tesla (TSLA) shares, which were viewed as having little exposure to the tariffs, are up more than 1% after rising 0.4% yesterday.

4. Nvidia-Backed CoreWeave Expected to Start Trading Today

CoreWeave, a cloud computing company backed by Nvidia (NVDA), is expected to start trading today on the Nasdaq under the ticker “CRWV.” The company on Thursday priced its initial public offering (IPO) at $40 per share, below the expected range of $47 to $55 per share. CoreWeave offered 37.5 million shares, fewer than the 49 million shares previously anticipated. That would leave the company’s valuation at about $23 billion on a fully diluted basis.

5. US Steel Stock Rises on Report of Nippon Investment to Save Merger

U.S. Steel (X) shares are up about 5% in premarket trading after Semafor reported that Nippon Steel is offering to spend as much as $7 billion to upgrade the American company’s aging Rust Belt facilities in a bid to obtain Trump administration approval of their $14 billion merger. The Biden administration had blocked the sale of U.S. Steel to the Japanese firm on national security grounds in January. Trump said at a February press conference that he supported Nippon Steel’s investing in U.S. Steel rather than buying it.