Dow Jones futures hold steady as traders await US PCE inflation data

• Dow Jones futures remain steady due to market caution ahead of the US August PCE Price Index data.
• US markets fell as strong economic data may prompt the Fed to slow deeper rate cuts.
• Tech stocks dragged, with Oracle down 5% and Tesla off 4%, while CarMax plunged 20% on weak earnings.

Dow Jones futures edge higher by 0.16% to trade near 46,350 during European hours on Friday, ahead of the United States (US) regular opening. Meanwhile, the S&P 500 futures gain 0.16% to remain above 6,650, while Nasdaq 100 futures climb 0.12% to trade near 24,650.

US index futures move little as traders adopt caution ahead of the US August Personal Consumption Expenditures (PCE) Price Index data, the Federal Reserve's (Fed) preferred inflation gauge, for further clarity on the policy outlook.

On Thursday's regular session, Wall Street marked a third consecutive decline, with the Dow Jones declining 0.38%, while the S&P 500 and Nasdaq each lost 0.5%. Tech stocks weighed heavily on the market, with Oracle slipping 5% and Tesla down 4%. CarMax tumbled 20% after posting weak earnings, while Intel surged 9% on reports it had approached Apple regarding an investment.

US stocks faced challenges as solid economic data from the United States (US) may prompt the US Federal Reserve (Fed) to adopt a more cautious approach to deliver deeper interest rate cuts. US Initial Jobless Claims declined to 218K last week, the lowest since July. The market expectations were an increase to 235K from 232K previously.

The US Gross Domestic Product (GDP) Annualized grew 3.8% in the second quarter (Q2), coming in above the previous estimate and the estimation of 3.3%. Meanwhile, the GDP Price Index rose 2.1% in the same period, as compared to the expected and previous 2.0% growth.