U.S. stock futures point lower as investors digest the latest developments on tariffs; inflation is expected to have declined for a second straight month in April in today’s release of the PCE report; Costco Wholesale (COST)’s fiscal third-quarter results narrowly beat analysts’ estimates; and Dell Technologies (DELL) reports “unprecedented demand” for its AI servers. Here’s what investors need to know today.
1. US Stock Futures Tick Lower to End Week
U.S. stock futures are pointing slightly lower as investors await key inflation data and more tariff developments. S&P 500 futures are 0.1% lower after the benchmark index added 0.4% Thursday. Nasdaq futures also are down 0.1%, while Dow Jones Industrial Average futures are little changed. Bitcoin (BTCUSD) is ticking higher at around $106,000. Gold futures are lower. Oil futures are higher. The yield on the 10-year Treasury note is little changed.
2. Appeals Court Reinstates Trump’s Tariffs
A federal appeals court reinstated President Donald Trump’s wide-ranging tariffs Thursday, a day after a trade court struck down some of the import taxes. The ruling by the Federal Circuit Court of Appeals allows the tariffs Trump imposed last month to stay in place while the courts decide on their legality. The ruling affects Trump’s 10% tariff against most countries, as well as the higher “reciprocal” tariffs against certain trade partners, which he suspended until July to give trading partners time to negotiate trade deals. Meanwhile, Treasury Secretary Scott Bessent said in a TV interview that negotiations with China on tariffs had become “a bit stalled” after Trump temporarily reduced those tariffs from 145% to 30% earlier this month.
3. Inflation Expected to Have Cooled in April PCE Report
Inflation is expected to have cooled to its lowest level since September when the Personal Consumption Expenditures (PCE) report for April is released at 8:30 a.m. ET. The Federal Reserve’s preferred measure of inflation is expected to have declined to an annual rate of 2.2% from 2.3% in March, according to a survey of economists by The Wall Street Journal and Dow Jones Newswires. The report is expected to show that the “core” inflation rate, which takes out volatile food and gas prices, remained at 2.6% in April.
4. Costco Reports Slightly Better-Than-Expected Q3 Results
Costco Wholesale (COST) posted fiscal third-quarter results that came in slightly better than analysts projected. The bulk retailer reported net income of $4.28 per share on revenue that rose 8% year-over-year to $63.21 billion, both coming in just ahead of Visible Alpha estimates. Global comparable store sales climbed 5.7%, also ahead of estimates. On the company’s earnings call, CEO Ron Vachris said the retailer has looked for ways to keep prices low as tariffs threaten to raise costs, including rushing orders ahead of tariffs and rerouting some tariffed goods to non-U.S. markets, according to a transcript provided by AlphaSense. Shares are little changed in premarket trading.
5. Dell Stock Rises on ‘Unprecedented Demand’ for AI Servers
Shares of Dell Technologies (DELL) are rising 1% in premarket trading after the computer maker reported better-than-expected fiscal 2026 first-quarter revenue on “unprecedented demand” for AI servers. Revenue of $23.38 billion grew 5%, ahead of analysts’ expectations, as the company generated $12.1 billion in AI orders in the first quarter, more than it delivered in the entirety of the past fiscal year. Adjusted earnings per share of $1.55 came in lower than estimates.
