US STOCKS-Wall Street futures mixed as investors brace for inflation data

Sept 26 (Reuters) - U.S. stock index futures were mixed on Friday, as investors awaited key inflation data that could sway bets on interest rate cuts, while also weighing the impact of fresh tariffs on a broad range of imported goods.

Markets have been on edge all week, with traders recalibrating odds on further rate reductions amid economic data and mixed commentary from the Federal Reserve's policymakers.

The upcoming release of the Personal Consumption Expenditures price index, the Fed's preferred inflation measure, is expected to provide fresh insights into whether price pressures are easing sufficiently to justify the lofty valuations in equities.

A hotter-than-expected reading could trigger a pullback in equities and extend their losing streak this week, while a cooler print may reinforce the bullish momentum that has propelled major indexes to record highs.

"We expect officials to delay the next rate cut until December. (There is) not enough deterioration to warrant an aggressive pace of rate cuts," said Matthew Martin, senior U.S. economist at Oxford Economics.

Data on Thursday showed initial jobless claims dropped 14,000 to a seasonally adjusted 218,000 for the week ended September 20.

At 05:03 a.m. ET, Dow E-minis YMcv1 were up 65 points, or 0.14%, U.S. S&P 500 E-minis EScv1 were flat and Nasdaq 100 E-minis NQcv1 were down 54.7 points, or 0.22%.

Adding to investor anxiety is President Donald Trump's announcement of 100% duties on branded pharmaceutical products, 25% levies on heavy-duty trucks, 50% tariff on imported kitchen cabinets and bathroom vanities and a 30% tariff on upholstered furniture, among others.

The move could reignite fears of a renewed trade war, particularly with key partners in Asia and Europe, and complicate the inflation outlook.

Shares of Eli Lilly LLY.N and Viking Therapeutics VKTX.O rose more than 1% each in premarket trading. Furniture companies fell, with Wayfair W.N down 5.3% and Bed Bath & Beyond BBBY.N down 4.1%.

In corporate news, Intel INTC.O jumped 2.7% after a Wall Street Journal report said the chipmaker had approached Taiwan Semiconductor Manufacturing Co 2330.TW about investments in manufacturing or partnerships.

Investors will also tune in to remarks from Federal Reserve Bank of Richmond President Thomas Barkin and Fed Vice Chair for Supervision Michelle Bowman, both scheduled to speak later in the day, for any signals on how policymakers are interpreting the latest inflation trends and whether the central bank is leaning toward a more dovish or hawkish stance.

With the PCE data looming and trade tensions back in the spotlight, volatility could remain high through the session.

Traders are likely to stay nimble, with rate-sensitive sectors and tech stocks particularly vulnerable to any surprises in the inflation print.

Equities remain richly valued by historical standards, leaving little room for disappointment on macro data.

With the U.S. earnings season set to kick off in a few weeks, investors are also watching for signs that elevated valuations are backed by fundamentals, making upcoming corporate results a key test for the rally's durability.