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The
benchmark index has recovered from a pullback earlier this month
caused by a dour U.S. jobs report and the yen carry trade as
better-than-expected data calmed nerves over a sharp slowdown in
the world's largest economy.
U.S. consumer and producer prices data this week indicated
inflation was moderating at a pace that would keep the U.S.
Federal Reserve on track to start its monetary easing cycle with
a 25-basis point rate cut next month as opposed to a more
aggressive move.
The U.S. central bank is now expected to track the labor market
trends more closely.
Market participants will look to minutes from the Fed's last
policy meeting and Fed Chair Jerome Powell's outlook of the U.S.
economy at the Jackson Hole symposium, an annual gathering of
global central bankers, next week for more clues on the rate cut
trajectory.
At 5:30 a.m., Dow E-minis were up 46 points, or 0.11%, S&P 500
E-minis were up 0.11% to 5,573.75 points and Nasdaq 100 E-minis
were up 47.5 points, or 0.24%.
The S&P 500 and the Nasdaq were headed for their best weeks
since October, while the Dow was on pace for its best weekly
showing since December.
Later in the day, University of Michigan will issue its consumer
sentiment survey for August around 10 a.m. ET (1400 GMT).
Remarks from Federal Reserve Bank of Chicago President Austan
Goolsbee will also be watched a day after two more Fed officials
- St. Louis Fed chief Alberto Musalem and Atlanta Fed boss
Raphael Bostic - on Thursday gravitated toward an interest rate
cut in September.
Applied Materials dropped 2.8% in premarket trading following a
strong jump ahead of its results. The chip-making equipment firm
forecast fourth-quarter revenue slightly above Wall Street
estimates.
Crypto- and blockchain-related firms firmed as bitcoin rose 3%.
Miners Riot Platforms Inc and Marathon Digital gained 2.3% and
1.8% respectively, while iShares Bitcoin Trust ETF added 2.4%.
Overall, U.S. stock trading volume has been below its 20-day
moving average in the past six sessions as many investors are
away for summer break.
(Reporting by Medha Singh in Bengaluru; Editing by Maju Samuel)
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