Investing.com -- U.S. stock index futures rose Friday, at the end of a strong first half of the year, ahead of key inflation data that is likely to factor into the outlook for interest rates.
At 06:15 ET (10:15 GMT), Dow Jones Futures rose 36 points, or 0.1%, S&P 500 Futures traded 20 points, or 0.4% higher, and Nasdaq 100 Futures climbed 90 points, or 0.5%.
The main indices posted small gains on Wall Street Thursday, but are on course for robust gains in the first six months of 2024, which officially concludes with Friday’s closing .
The S&P 500 is on track for gains on 15% year to date, the NASDAQ Composite is 19% higher, while the Dow Jones Industrial Average only gained 4%.
PCE inflation data awaited for more rate cues
The focus Friday was squarely on PCE price index data, due for release later in the session. The reading is the Federal Reserve’s preferred inflation gauge, and is likely to provide more cues on the central bank’s stance on interest rates.
The data is expected to show inflation cooled slightly in May, but remained well above the Fed’s 2% annual target range.
The reading comes after some signs of cooling in the U.S. economy, which pushed up hopes that the Fed will cut interest rates this year. A final reading on first quarter gross domestic product showed on Thursday that the U.S. economy grew at a languid pace in the period.
Weekly jobless claims fell more than expected, while durable goods orders also edged lower in May.
Presidential debate outcome
Investors will also digest the first Presidential debate of the 2024 elections, between Democrat and Republican candidates Joe Biden and Donald Trump.
Biden appeared to struggle through much of Thursday's highly-anticipated 90-minute debate with Republican challenger Donald Trump, stumbling through questions put to him by the event's moderators.
Biden's performance was marked by a hoarse voice and a series of long pauses, which largely overshadowed his attacks on Trump's recent criminal conviction and his failure to accept democratic norms. Trump, meanwhile, took aim at Biden's record on the economy and foreign policy.
Nike slumps after flagging sales decline
Shares in Nike (NYSE:NKE) shed more than 14% premarket after the sports apparel company told investors that revenue is expected to fall by 10% in the current quarter.
Sales in the ongoing fiscal year are also seen decreasing by a percentage in the mid-single digits.
Trump Media&Technology Group (NASDAQ:DJT) rose over 6% in premarket trading after CNN’s flash poll showed that the Republican candidate has outperformed US President Joe Biden in the first presidential debate.
Infinera (NASDAQ:INFN) stock soared 17% after Nokia (HE:NOKIA) announced plans to buy U.S. optical networking gear maker in a $2.3 billion deal, amid plans to gain from the billions of dollars in investment pouring into data centres to cater to the rise of artificial intelligence.
Crude on track for weekly gain
Crude prices rose Friday, on course for the third consecutive winning week as fears of supply disruptions in Russia and the Middle East largely offset concerns over slowing demand.
By 06:15 ET, the U.S. crude futures (WTI) traded 0.8% higher at $82.42 per barrel, while the Brent contract climbed 0.7% to $85.88 per barrel.
Brent and WTI futures have gained nearly 2% so far this week, with both benchmarks also on track for gains of around 6% in June.
Fears of a wider war between Israel and Lebanon’s Hezbollah kept markets on edge over disruptions in crude supplies, while attacks by Ukraine on major Russian fuel refineries also pointed to potential disruptions in oil supplies from Moscow.
The geopolitical conflicts saw traders attach a higher risk premium to oil prices.
(Ambar Warrick contributed to this article.)
This content was originally published on Investing.com
