NEW YORK, Jan 22, 2026, 06:48 ET — Premarket
U.S. stock index futures climbed on Thursday, pushing Wall Street’s recent rally higher ahead of a packed economic docket. Investors are gearing up for key data, including GDP, weekly jobless claims, and a delayed update on the Fed’s favored inflation measure. At 5:59 a.m. ET, S&P 500 e-minis were up 0.60%, Nasdaq 100 e-minis rose 0.87%, and Dow e-minis gained 0.41%. 1
Wednesday’s cash session saw a sharp relief rally after President Donald Trump announced he would not go ahead with tariffs planned for Feb. 1, pushing the S&P 500 to a record close at 6,875.62. “What is the economic impact is whether we all start imposing tariffs on each other,” said Jason Pride, chief of investment strategy & research at Glenmede. 2
Traders are shifting focus back to rates and growth cues, as the Federal Reserve is widely expected to hold steady at next week’s meeting. Geopolitical and policy news, however, continue to quickly rattle risk appetite. Today’s agenda also marks a shift from tariffs toward earnings, with several major reports set to drop. 3
The Bureau of Economic Analysis will release its revised third-quarter GDP estimate at 8:30 a.m. ET, including GDP by industry and updated corporate profits. Then at 10:00 a.m. ET, the BEA’s Personal Income and Outlays report for October and November is scheduled for publication. 4
The inflation spotlight is on the Personal Consumption Expenditures (PCE) price index, which comes from that income-and-spending report and measures prices for goods and services bought by U.S. consumers. This release is a bit unusual: the BEA is combining October and November data due to last year’s government shutdown delaying the schedule. For portions of October lacking detailed CPI info, it plans to use an average of September and November CPI figures. 5
Investors will receive the PCE data late, and that delay is significant. According to Investopedia, core PCE inflation—excluding food and energy—probably climbed 2.8% year-on-year in November, based on a Wells Fargo Securities consensus. However, the report’s later release makes it less pivotal for immediate Fed moves than usual. Brett Ryan, a senior U.S. economist at Deutsche Bank, pointed out that “Fed officials are likely to want to see several more months of data.” 6
The GDP update acts as a revision for a quarter that was already solid. The BEA’s first estimate put real GDP growth at a 4.3% annual pace in Q3 2025, while the PCE price index climbed 2.8%, and core PCE rose 2.9% in that release. 7
Jobless claims, set for release at 8:30 a.m. ET, offer one of the fastest snapshots of layoffs and labor-market slowdown. The Labor Department issues this weekly report Thursday mornings at 8:30 a.m. ET, except when holidays interfere. 8
Treasury supply is also in focus today, with a 10-year inflation-protected securities (TIPS) auction scheduled. TIPS aim to protect investors from inflation risk, and the spread between TIPS yields and nominal Treasury yields serves as a key market gauge of inflation expectations. 9
GE Aerospace jumped almost 4% in premarket trading following a forecast for 2026 profits that beat expectations, driven by strong aftermarket demand. CEO Larry Culp highlighted that the company is entering 2026 with “solid momentum.” 10
Rate expectations continue to drive market focus. A Reuters poll out Wednesday showed every one of the 100 economists surveyed expects the Fed to hold rates steady at 3.50%-3.75% at the Jan. 27-28 meeting. Jeremy Schwartz, senior U.S. economist at Nomura, weighed in, saying, “The economic outlook … suggests the Fed should remain on hold.” 11
Yet markets haven’t been driven solely by economic data, and that poses a risk: a hotter inflation reading might send yields higher, weighing on growth stocks. Meanwhile, any fresh twists in trade or geopolitical news could reignite the volatility seen earlier this week.
Coming up fast: GDP and jobless claims at 8:30 a.m. ET, followed by the postponed PCE inflation report at 10:00 a.m. ET. Earnings keep rolling in as investors gear up for the Fed’s decision next week.
