07:18 AM EDT, 08/29/2025 (MT Newswires) -- The benchmark US stock measures were pointing lower before Friday's open as traders await the release of a key inflation report.

The S&P 500 and the Dow Jones Industrial Average declined 0.3% each in premarket activity, while the Nasdaq was off 0.5%. The indexes finished Thursday in the green, with the S&P 500 and the Dow climbing to fresh record highs.

Last month's personal income and outlays report is scheduled for an 8:30 am ET release. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric. Official data are expected to show that consumer spending growth likely accelerated to 0.5% in July from 0.3% in June, according to a Bloomberg-polled consensus.

The two-year Treasury yield remained unchanged at 3.64% in premarket action, while the 10-year rate rose 1.6 basis points to 4.22%.

On Thursday, the Bureau of Economic Analysis' second estimate showed that the US economy expanded in the second quarter at the fastest pace in nearly two years amid stronger consumer spending and business investment than previously expected.

Federal Reserve Chair Jerome Powell struck a more dovish tone than expected during his Jackson Hole speech last week, indicating a possible policy pivot to lower rates. At the time, Powell highlighted downside risks to employment and suggested that tariff-driven inflation pressures may prove transitory.

Markets are currently pricing in an 85% probability that the central bank will cut its benchmark lending rate in September, according to the CME FedWatch tool.

Fed Governor Lisa Cook filed a lawsuit against the Trump administration in a bid to overturn US President Donald Trump's move to fire her, according to several media reports on Thursday. Trump recently informed Cook that he had determined "sufficient cause" to remove her from the central bank's board of governors.

Friday's economic calendar also has the international trade in goods, retail inventories and wholesale inventories reports for July at 8:30 am, followed by the final University of Michigan consumer sentiment report for August at 10 am. Initial results from the survey showed that sentiment unexpectedly fell in the month.

Shares of Marvell Technology ( MRVL ) tanked 15% pre-bell as the semiconductor solutions provider issued a fiscal third-quarter revenue outlook below market estimates at the midpoint. Dell Technologies ( DELL ) dropped 7.2% even though the computer maker reported stronger-than-expected fiscal second-quarter results. Ulta Beauty ( ULTA ) gained 3.7% following its latest quarterly earnings.

Alibaba's ( BABA ) US-listed stock rose 2.9% early Friday after the Chinese e-commerce giant reported fiscal first-quarter earnings above Wall Street's estimates. BRP (DOOO) also reports its latest financial results before the bell, among others.

West Texas Intermediate crude oil decreased 0.5% to $64.26 a barrel before the opening bell. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.

Gold slipped 0.3% to $3,466 per troy ounce, while bitcoin fell nearly 2% to $109,939.