5 Things to Know Before the Stock Market Opens

Stock futures are rising ahead of the week’s final trading session as investors await more inflation data and keep a close eye on the Iran war; Crude oil prices are falling after the U.S. on Thursday temporarily lifted sanctions on Russian oil to help stabilize the global supply chain; the Federal Reserve’s preferred measure of inflation is scheduled to be released this morning; Adobe shares are tumbling after the software maker announced a CEO succession plan; and Ulta Beauty shares are sliding as the retailer’s outlook for 2026 came in lighter than expected. Here’s what you need to know today.

Stock Futures Tick Higher Ahead of Inflation Data

Stock futures are slightly higher as investors await the week’s second key report on inflation and continue monitoring developments in the Middle East. Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq were each up 0.4% recently. Stocks tumbled on Thursday as oil prices soared to their highest levels since 2022 amid the ongoing disruption to traffic through the Strait of Hormuz, a key oil shipping passage. The major indexes enter today’s session on track to post losses for the third consecutive week. Oil futures were down more than 2% this morning (more on that below), while gold futures held steady at around $5,120 an ounce. The yield on the 10-year Treasury note was at 4.25% after closing yesterday at 4.27%, its highest level since early February. Bitcoin was at $72,300, up from an overnight low of around $70,000.

Crude Oil Prices Slip After Recent Surge

Crude oil futures are lower this morning after the Trump administration on Thursday temporarily lifted sanctions on Russian oil. The Treasury Department issued exemptions to allow other countries to purchase Russian oil that is currently at sea, and said they will be in place until April 11, per The New York Times. Treasury Secretary Scott Bessent estimated that the temporary removal of sanctions could add hundreds of millions of barrels to the global supply. Oil from Russia has had fewer places to be exported to since the U.S. and several other nations placed sanctions on the key Russian oil industry as punishment for the 2022 invasion of Ukraine. West Texas Intermediate futures, the U.S. benchmark, were recently down 2.4% at $93.50 per barrel, after closing at their highest level since July 2022 on Thursday.

Fed’s Preferred Inflation Measure Due Today

Investors will get another look at inflation data this morning with the release of the Personal Consumption Expenditures index for January. The delayed PCE report, set to be released at 8:30 a.m. ET, is expected to show that prices rose 2.9% in the 12 months ending in January, the same rate as in December. Today’s report comes after Consumer Price Index data for February, released on Wednesday, came in exactly in line with economists’ expectations. The PCE is the Federal Reserve’s preferred inflation gauge and will factor into the central bank’s thinking on interest rates. The Fed’s policy committee is set to meet next week and is widely expected to stand pat on interest rates amid concerns that surging oil prices stemming from the Iran war will spark inflation and weigh on economic activity. Other economic data scheduled for release Friday includes a first revision to fourth-quarter 2025 gross domestic product and the latest consumer sentiment survey for March.

Adobe Stock Drops As CEO Set to Step Down

Adobe (ADBE) shares are tumbling this morning despite a solid earnings report. The software giant, which released its fiscal first-quarter results after the closing bell yesterday, also announced that CEO Shantanu Narayen is preparing to leave the role after leading Adobe for 18 years. Narayen will stay on until a successor is found, the company said. Adobe’s first-quarter revenue of $6.40 billion and adjusted earnings per share of $6.06 each came in higher than expected, providing rare good news for the battered software stock. Adobe and other software firms have seen their shares slump this year amid concerns that their businesses could be seriously disrupted by the growth of generative AI. Entering the day down 23% since the start of the year, Adobe shares were down about 8% ahead of the opening bell.

Ulta Beauty Stock Slides as Outlook Comes up Short

Shares of Ulta Beauty (ULTA) are also sinking this morning after the retailer’s outlook disappointed. After the bell Thursday, Ulta said it earned $8.01 per share in the fourth quarter, 2 cents shy of analysts’ estimates compiled by Visible Alpha, while revenue of $3.9 billion topped expectations. Ulta said it expects comparable store sales growth of 2.5% to 3.5% and earnings per share between $28.05 and $28.55 in its next fiscal year, with the midpoint of each range below the Wall Street consensus. Ulta shares were down 8% in recent premarket trading.

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