US Stock Futures Rise Ahead of Supreme Court Tariff Decision

US stock futures rose late on Thursday ahead of a data-heavy Friday, with investors focused on a possible Supreme Court decision on US President Donald Trump's tariffs alongside key GDP and inflation data.

The Dow Jones Industrial Average fell 0.5% in the prior session, while the S&P 500 slipped 0.3% and the Nasdaq Composite declined 0.3%. Markets were anchored to Friday's session as traders awaited a potential US Supreme Court ruling on the legality of Trump's tariffs.

JPMorgan assigns a 64% probability to tariffs being struck down and quickly replaced, a scenario it expects would leave the S&P 500 up about 0.1% to 0.2% after an initial 0.75% to 1% rally. The bank puts the probability of tariffs being upheld at 26%, which it sees pulling the S&P 500 down roughly 0.3% to 0.5%, with larger moves in the yield curve.