Pre-Market Update: Stock Futures Pause as Markets Await Inflation Data and Iran Peace Talks

TLDR

• Stock futures were little changed Friday as investors waited for March CPI inflation data
• The Nasdaq is on track for its eighth straight day of gains, its longest run since August 2024
• Iran-Israel tensions continue, with Israel saying “there is no ceasefire in Lebanon”
• Oil prices rose, with Brent crude climbing 2% to near $97.81 a barrel
• Economists expect March CPI to show inflation rose 0.9% month over month

US stock futures were barely moving on Friday morning as investors held back ahead of two big events: a fresh inflation report and weekend peace talks tied to the Iran-Israel conflict.

Futures on the Dow Jones Industrial Average were flat. S&P 500 futures edged up less than 0.1%. Nasdaq 100 futures rose 0.1%, putting the index on course for an eighth straight day of gains — its longest winning streak since August 2024.

The previous session saw all three major indexes close higher, with the Dow moving into positive territory for 2026.

Investors are waiting on the March consumer price index, which will be the first inflation reading to cover the period since the Iran war began. Economists expect headline CPI to show a 0.9% rise month over month, and a 3.3% increase compared to a year ago.

Iran Tensions Weigh on Sentiment

Iranian officials accused Israel of breaching the existing ceasefire and closed the Strait of Hormuz to tanker traffic. President Donald Trump responded on Truth Social, saying Iran was “doing a very poor job” allowing oil to flow through the waterway.

Senior White House officials called Netanyahu on Wednesday, asking Israel to scale back strikes on Lebanon. Peace talks are scheduled for this weekend.

Oil prices moved higher on the uncertainty. Brent crude futures climbed 2% to $97.81 a barrel. West Texas Intermediate futures rose 1.9% to $99.75 a barrel. Saudi Arabia also warned that recent Iranian attacks had lowered its oil production capacity.

Gold, Bonds, and the Dollar

Gold futures slipped 0.9% to $4,777 an ounce on Friday, though the metal remains on track for a weekly gain.

The US dollar edged up 0.1% against a basket of major currencies. The yield on the 10-year Treasury note rose 2 basis points to 4.30%.

Goldman Sachs noted that any supply relief from the Persian Gulf is likely to take several weeks to materialize.

The March CPI print is the market’s first clear look at how the oil shock has filtered through to consumer prices since the Iran conflict began.

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