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*Stock Market Today: Stocks mixed as inflation cools; Nike drags Dow on muted outlook*

Check back for updates throughout the trading day U.S. equity futures traded mixed Friday but remain on track for a positive five-day stretch that would extend the S&P 500's weekly winning streak to eight, the best since 2017, heading into the final trading sessions of the year. Core inflation is now just below 2% on a six-month average basis. Shutterstock Updated at 8:55 AM EST Inflation on target? The Fed's favored inflation gauge is now trending at the central bank's preferred 2% target, based on data compiled over the past six months, cementing the case for spring rate cuts. Futures were modestly firmer following the data release with futures tied to the S&P 500 indicating a 10 point opening bell gain and those linked to the Dow suggesting a 52 point decline. The Nasdaq is called 37 points higher. Benchmark 10-year Treasury note yields were 2 basis points higher at 4.871% thanks in part to modestly firmer personal income gains found in the release. Two-year notes were pegged at 4.344%.Related: Fed Inflation gauge falls below 3%, with core prices at March 2021 low Updated at 8:00 AM EST Big drug deal Bristol Myers added to its recent string of major acquisitions with the $14 billion takeover of neurological drug specialists Karuna Therapeutics, sending shares in the Boston-based group soaring 47% in pre-market trading.Related: Karuna Therapeutics soars after $14 billion takeover by Bristol Myers Stock Market Today The major U.S. stock markets are expected to remain open for the full trading day Friday, although bond markets will close shop at around 1 pm eastern time ahead of the three-day holiday weekend. Traders will first have to navigate a key inflation reading at 8:30 am, when the Bureau of Economic Analysis publishes its closely watched Personal Consumption Expenditures Price Index for November. Economists expect the Federal Reserve's preferred inflation gauge to show another notable slowing in overall and core price pressures heading into December that are likely to cement the market's case for rate cuts beginning in the spring, Stocks, meanwhile, are likely to be pulled lower by Nike's (NKE) - Get Free Report disappointing fiscal-second-quarter earnings and muted near-term outlook. That's clipped consumer and sports apparel stocks and looks to set to take around 92 points from the Dow at the start of trading.Related: Nike slumps after cutting full-year sales forecast on sportswear weakness Futures contracts tied to the S&P 500 are indicating a 1 point opening bell gain, with the Dow called 77 points lower and the Nasdaq set for a 12 point decline. In overseas markets, the Stoxx 600 was marked 0.1% higher in early Frankfurt trading and was holding on to a 12% gain for the year. The FTSE 100 rose 0.13% in London. Overnight in Asia, a newly announced crackdown on the videogame industry by officials in Beijing hammered gaming and tech stocks and pulled the regionwide MSCI ex-Japan index 0.28% lower into the close of trading. Japan's Nikkei 225, meanwhile, rose 0.1% in muted Friday trading to take its 2023 gain to just under 29%. Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
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TheStreet

Stock Market Today: Stocks start Santa Claus rally early as Fed inflation gauge cools

Stocks are holding on to their longest weekly winning streak since 2017, heading into the final few trading session of the year.

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