NEW YORK, Jan 22, 2026, 09:07 EST
U.S. stock index futures rose on Thursday after President Donald Trump dialed back tariff threats against European countries, and as traders waited for fresh U.S. economic data led by the personal consumption expenditures inflation report. S&P 500 E-minis were up 0.47%, Nasdaq 100 E-minis gained 0.75% and Dow E-minis rose 0.25% at 7:03 a.m. ET. Venture Global jumped 9.9% after it said an arbitration tribunal ruled in its favour in a dispute with Spain’s Repsol, while McCormick slid 6% and Procter & Gamble slipped nearly 1%; Intel is due to report after the bell. (Reuters)
The “core” PCE reading — which strips out food and energy prices that can swing sharply — is due at 10:00 a.m. ET. Investors watch it because the Federal Reserve leans on PCE when it talks about inflation and interest rates. (Investing)
The PCE index is expected to rise 0.2% in November, with yearly inflation seen at 2.8%, Yahoo Finance reported. The difference between a mild and a hot print is usually the difference between calm trading and a fast move in bond yields. (Yahoo Finance)
Futures traded in a tight range in early dealings, with investors also watching the VIX — an options-based gauge of expected swings in the S&P 500. Barron’s said VIX futures dropped about 9% and singled out Venture Global and Karman Holdings among early gainers, while Brent crude fell 1.4% and Bitcoin hovered near $89,911. (Barron’s)
Nvidia rose nearly 1% and Tesla gained about 0.9% ahead of the opening bell, with both testing their 50-day moving averages — a chart level many traders watch for momentum shifts. Mobileye fell about 6%, while oil traded near $59.70 a barrel, Investors.com reported. (Investors)
Wall Street rallied on Wednesday after Trump said he would not impose tariffs scheduled for Feb. 1 and pointed to a framework for a Greenland deal. Jason Pride, chief of investment strategy and research at Glenmede, said the market focus was tariffs: “What is the economic impact is whether we all start imposing tariffs on each other.” (Reuters)
Economists in a Reuters poll expect the Fed to keep its policy rate at 3.50%-3.75% at the Jan. 27-28 meeting, and most see it staying there through the current quarter. “The economic outlook on the surface suggests the Fed should remain on hold,” said Jeremy Schwartz, a senior U.S. economist at Nomura; Bernard Yaros at Oxford Economics said he expected “more pushback than ever” over the next Fed chair. (Reuters)
Overseas, world stocks edged higher and gold eased from record highs after Trump said at Davos he would not use force to secure Greenland and later dropped tariff threats against eight European allies. State Street’s Michael Metcalfe said markets last year showed they can “look through this (geopolitical headline-driven volatility)” as interest-rate cuts and fundamentals return to focus. (Reuters)
That calm could fade fast. A hotter PCE print, renewed tariff talk or sour earnings guidance could push investors back into defensive trades and lift volatility again.
The Bureau of Economic Analysis publishes the PCE price index each month in its Personal Income and Outlays report. The agency lists Jan. 22 as the next release date. (Bea)
