Futures Rise Ahead of Delayed US CPI; Ford Earnings and Trump Trade Tensions in Focus
U.S. stock futures edged higher on Friday as investors awaited the long-delayed U.S. consumer price index (CPI) data following an extended government shutdown. Market attention also turned to a packed corporate earnings season, led by results from Ford Motor Company, while President Donald Trump’s abrupt termination of trade negotiations with Canada and a pullback in gold prices added to market volatility.
Futures Move Higher
Wall Street futures traded in positive territory early Friday, supported by optimism over upcoming corporate earnings and easing U.S.-China trade tensions.
At 03:23 ET (07:23 GMT), Dow futures gained 59 points (0.1%), S&P 500 futures rose 15 points (0.2%), and Nasdaq 100 futures climbed 88 points (0.4%).
Major U.S. indexes closed higher on Thursday after Trump confirmed he would meet Chinese President Xi Jinping later this month in South Korea.
Among individual stocks, Tesla rose 2.3%, recovering from earlier losses as investors digested record sales and profits that nonetheless missed estimates. T-Mobile shares dipped despite strong subscriber growth, while Honeywell gained after its aerospace unit boosted the company’s full-year guidance.
Delayed CPI Data Back in Focus
Markets are preparing for the September CPI report, which had been postponed due to the federal shutdown. Economists expect headline inflation to rise 3.1% year-over-year, up from 2.9% in August, with monthly growth steady at 0.4%.
Core inflation, which excludes food and energy, is forecast to match that pace at 3.1% annually and 0.3% monthly.
The data delay has complicated the Federal Reserve’s policy outlook, with officials missing key indicators ahead of their upcoming October 28–29 meeting. The Fed cut rates by 25 basis points in September, citing a cooling labor market, and is widely expected to follow with another quarter-point reduction this month and again in December.
Ford Earnings Beat Expectations
Ford Motor shares ticked higher in after-hours trading after the automaker reported better-than-expected third-quarter earnings, driven by strong demand for SUVs and pickup trucks.
Net income surged to $2.4 billion from $900 million a year earlier, with earnings per share of $0.45, topping LSEG’s estimate of $0.36.
However, Ford lowered its full-year profit outlook for the second time in 2025, citing production setbacks linked to a fire at a Novelis aluminum plant in Oswego, New York, a key supplier for its F-150 trucks. The incident is expected to cost the company up to $2 billion in expenses.
Executives said recent tariff relief measures approved by Trump have helped reduce the company’s estimated tariff burden from $3 billion to $1 billion.
Trump Ends Trade Talks with Canada
President Donald Trump announced on Thursday that he was terminating all trade negotiations with Canada, citing what he called a “fraudulent” Ontario government ad that misused a speech by former U.S. President Ronald Reagan.
Trump wrote on Truth Social that “ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” arguing that tariffs remain essential for U.S. economic security.
The dispute adds another layer of tension between Washington and Ottawa. Earlier this year, Trump imposed tariffs on Canadian steel, aluminum, lumber, and automobiles under national security grounds. Recent efforts by Canadian Prime Minister Mark Carney to reach a resolution have so far failed to yield results.
Gold Prices Slip Toward First Weekly Loss in 10 Weeks
Gold prices were on track for their first weekly decline in 10 weeks as traders locked in profits following recent record highs.
Spot gold fell 0.8% to $4,092.79 an ounce by 03:24 ET, while U.S. gold futures dropped 0.9% to $4,106.76.
Despite hitting an all-time peak earlier in the week, gold has slipped over 3% year-to-date, facing pressure from a stronger U.S. dollar and improved risk sentiment. Analysts say a soft CPI reading could bolster gold by reinforcing expectations for further Fed rate cuts, as lower rates typically enhance gold’s appeal as a non-yielding asset.
