AM Markets Need to Know: Ohio on data centers, gold prices, and more

Stock index futures slipped as investors awaited key US personal income and outlays (PCE) data, leaving markets cautious. The note highlights five overnight stories: Ohio pausing data-center tax credits (which could slow investment and expansion locally), rising AWS margins from Anthropic-related demand, and pressure on gold despite inflation concerns. Gold is struggling as markets price in the risk of Fed rate hikes and interpret the new Fed chair as potentially more hawkish, weighing on bullion. Crypto weakness also featured: Bitcoin broke below $73,000, dragging crypto-linked stocks lower. Overall, the piece portrays a risk-off tone ahead of the data, bearish for gold and cautious for equities and crypto until macro prints provide clarity.