November PCE data was lower than expected, and U.S. stock index futures narrowed their losses

U.S. stock index futures narrowed some of their losses on Friday after lower-than-expected U.S. PCE data eased some investors' concerns about fewer interest rate cuts next year. The U.S. Commerce Department report showed that the Federal Reserve's favored inflation measure, PCE, rose 2.4% year-on-year in November, compared with economists' expectations of 2.5%. PCE rose 0.1% month-on-month. Excluding volatile food and energy components, core PCE rose 2.8%, missing expectations of 2.9%. The index rose 0.1% month-on-month.