U.S. stock futures were playing a game of indecision Friday morning, swinging between gains and losses after Thursday's selloff sent major indices lower. The mood was decidedly mixed as traders positioned themselves ahead of what could be a market-moving inflation report.

All eyes are on the January consumer price index data, which drops at 8:30 a.m. ET. Market watchers like Tom Lee are estimating that core CPI year-over-year could fall to 2.52%, which would match the 2017-2019 average and signal a genuine return to pre-pandemic inflation levels. That's the kind of number that could influence the Federal Reserve's thinking on interest rates going forward.

Speaking of rates, the bond market was showing some interesting action. The 10-year Treasury bond was yielding 4.12%, while the two-year bond sat at 3.47%. Meanwhile, the CME Group's FedWatch tool indicated that markets are pricing in a 92.1% probability that the Federal Reserve will leave interest rates unchanged at its March meeting. Translation: nobody expects any surprises from the Fed anytime soon.

Here's how futures were looking in early trading:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 indices respectively, were showing modest gains in premarket trading. The SPY was up 0.069% at $681.74, while the QQQ advanced 0.16% to $601.61.

Companies Making Headlines

Roku Crushes Expectations

Roku Inc. (ROKU) absolutely rocketed higher in premarket trading, jumping 13.70% after delivering fourth-quarter results that blew past Wall Street's estimates. The streaming platform reported earnings of 53 cents per share, crushing the consensus estimate of 27 cents by a whopping 93.43%. That's not a typo. The company also issued fiscal 2026 sales guidance that came in above analyst expectations, giving investors plenty of reasons to celebrate.

According to market data, ROKU maintains a stronger price trend over the long term, though its short and medium-term trends have been weaker.

Arista Networks Powers Higher

Arista Networks Inc. (ANET) gained 12.12% after posting upbeat fourth-quarter earnings and issuing strong guidance that got investors excited. The networking equipment company reported quarterly earnings of 82 cents per share, beating the Street estimate of 76 cents. The combination of solid results and optimistic forward-looking statements proved to be exactly what the market wanted to hear.

Market data shows that ANET maintains stronger price trends across short, medium, and long-term timeframes, along with a solid growth ranking.

Tri Pointe Homes Soars on Merger News

Tri Pointe Homes Inc. (TPH) absolutely surged 25.79% after announcing an all-cash strategic combination with Sumitomo Forestry to create a major U.S.-based homebuilder. Deals like this don't come around every day in the housing sector, and investors clearly liked what they saw in terms of the strategic rationale and the all-cash structure.

Market data indicates that TPH maintains stronger price trends over the short, medium, and long terms, though it carries a poor quality ranking.

HIVE Digital Secures Major Contracts

HIVE Digital Technologies Ltd. (HIVE) advanced 2.34% after announcing it had signed customer agreements representing approximately $30 million in total contract value over two-year fixed terms. The agreements are subject to performance obligations and deployment milestones, but they represent meaningful revenue visibility for the company.

Market data indicates that HIVE maintains weaker price trends across long, medium, and short-term timeframes.

Expedia Stumbles Despite Beat

Expedia Group Inc. (EXPE) dropped 4.97% despite actually beating top and bottom-line analyst estimates for the fourth quarter. The culprit? The company issued a muted margin forecast for 2026 that disappointed investors who had hoped for more optimistic guidance. It's a reminder that in the stock market, it's not just about what you did last quarter but what you expect to do going forward.

EXPE maintains a stronger price trend over the long term but shows weakness in short and medium-term trends, along with a moderate growth ranking.

What Happened Thursday

Thursday was rough for the major indices, with information technology, energy, and financial stocks leading the S&P 500's decline. Utilities and consumer staples were the relative bright spots, trending upward as investors rotated into defensive sectors.

What the Strategists Are Saying

Scott Wren, Senior Global Market Strategist at Wells Fargo Investment Institute, is maintaining a bullish stance on the U.S. economy in early 2026. He recently raised his annual growth estimate to 2.9%, describing the domestic economy as a "gigantic aircraft carrier that is hard to knock off course." He expects it to weather any temporary market "stumbles and turmoil" without getting knocked off track.

Despite recent volatility that saw the S&P 500 Index drop approximately 3% from its January record high, Wren argues that corrections like these represent "buying opportunities" rather than signs of deteriorating fundamentals. He's encouraging investors to look "under the hood" to see that market performance is actually broadening beyond technology into cyclical and value-oriented sectors.

Here's what Wren is expecting for the year ahead:

• Corporate Earnings: He's anticipating a fourth consecutive year of record earnings for the S&P 500, which would be quite a streak.
• Monetary Policy: He expects further Federal Reserve easing and rate cuts as the year progresses, providing additional support for risk assets.
• Investment Strategy: He's showing a preference for U.S. assets over international ones, with specific enthusiasm for sectors like Energy, Materials, and Industrials.

Wren's advice to investors? "Look through the hand-wringing of the headlines" and remain confident that the strengthening economy will eventually benefit a wider array of market sectors. It's a refreshingly optimistic take in a market that sometimes feels like it's looking for reasons to worry.

Economic Calendar

The main event Friday is the January consumer price index data, which will be released at 8:30 a.m. ET. This is the inflation report everyone's been waiting for, and it could set the tone for how markets trade in the coming weeks.

Commodities, Currencies, and Crypto

Crude oil futures were trading slightly higher in early New York trading, up 0.35% to hover around $63.06 per barrel. That's relatively modest movement for a commodity that's been known to swing wildly on geopolitical news.

Gold Spot was up 0.91% to trade around $4,966.59 per ounce. For context, its last record high was $5,595.46 per ounce, so there's still some distance to cover before we see new all-time highs. The U.S. Dollar Index spot was 0.10% higher at the 97.0180 level, showing relative stability.

In the cryptocurrency world, Bitcoin (BTC) was trading 0.81% lower at $66,785.65 per coin, giving back some recent gains.

Global Markets Roundup

Asian markets closed lower across the board Friday. China's CSI 300, India's Nifty 50, Australia's ASX 200, Japan's Nikkei 225, Hong Kong's Hang Seng, and South Korea's Kospi indices all posted losses. The weakness in Asia set a cautious tone heading into the European session.

European markets were mostly lower in early trade, following Asia's lead and waiting to see what the U.S. inflation data would reveal.