U.S. equities opened lower on Friday as investors positioned themselves for a busy batch of economic releases, with the Personal Consumption Expenditures index drawing the most attention. The data is seen as a key read on inflation and the likely path of Federal Reserve policy.

The cautious mood followed a strong run in recent sessions, leaving markets sensitive to any signs that price pressures remain sticky or that consumer spending is slowing. Traders also appeared reluctant to make large bets before getting a clearer picture of how the economy is holding up.

The PCE report is closely watched because it is the Fed’s preferred inflation gauge. A hotter-than-expected reading could reinforce the case for higher rates for longer, while softer numbers may help support the view that price growth is easing.

Investors will also be looking at other incoming indicators for confirmation on demand, employment, and overall momentum. For now, the tone on Wall Street remains cautious as markets wait for the data to set the next direction.