Before the bell: 5 pre-open cues as markets await PCE; chip wobble hits tech; sports blackout averted

Futures are tilting lower ahead of the opening bell, a sign of nerves as Wall Street waits for July’s PCE report—the price gauge the Fed watches most closely. Thursday’s session ended on a high note, with the S&P 500 and Dow notching fresh records and the Nasdaq brushing up against its own peak. That momentum leaves little margin for error: with valuations stretched, even a small upside surprise on core inflation could spur a quick rethink on how aggressively the Fed can cut rates this fall.
Economists expect the headline PCE rate to remain near 2.6% year over year, while the core measure is seen edging up to about 2.9%. If reality matches those estimates, traders will likely stick with a “September cut is base case” view, while scaling back hopes for rapid follow-ups. The print hits at 8:30 a.m. ET and will ripple across bonds, the dollar, and growth-stock heavyweights within minutes.
Company news is the main premarket swing factor. Dell shares are under pressure after management guided current-quarter profit below consensus, even as top-line trends and full-year targets looked solid. The takeaway: investors want more clarity on margins and the pace at which AI-server demand converts into earnings, particularly with competition heating up and capital intensity rising across the hardware stack.
Marvell is down even more. The AI-chip supplier’s revenue outlook missed expectations, prompting a reassessment of just how smooth the ramp in custom data-center silicon will be. A flatter near-term profile doesn’t negate double-digit growth, but it does challenge the assumption that every AI-exposed name enjoys uninterrupted acceleration. As a bellwether for the “picks and shovels” side of AI, Marvell’s tone helped pull Nasdaq futures below S&P 500 and Dow contracts in early dealings.
One headline delivered relief on the media front: YouTube TV struck a deal with Fox to keep the network’s channels on the streaming service ahead of a packed football slate. The agreement removes the threat of game-day blackouts for millions of subscribers and trims one potential drag on churn into September.
Elsewhere on the dashboard, 10-year Treasury yields are inching up, oil and gold are softer, and Bitcoin is retreating toward the $110,000 mark—typical “wait-for-the-data” positioning at month-end. The script from here is simple. If core PCE prints cool, front-end yields could slip and growth shares may catch another bid. If it runs hot, rate-cut odds will bend, the dollar could stabilize, and the AI-led winners that dominated August may face some profit-taking.