Investing.com-- U.S. stock index futures rose Friday, rebounding after some bruising losses, with focus turning to key upcoming inflation data.
At 06:30 ET (10:30 GMT), Dow Jones Futures rose 255 points, or 0.7%, S&P 500 Futures rose 45 points, or 0.8%, and Nasdaq 100 Futures rose 210 points, or 1.1%.
The S&P 500 and tech-heavy NASDAQ Composite closed lower Thursday, while the blue-chip Dow Jones Industrial Average bucked the trend, adding 0.2%.
However, all three indices are set to post a losing week, with the S&P 500 down 1.9% so far, the Nasdaq losing nearly 3.1%, and the DJIA down roughly 0.9%.
Selling in the tech sector intensified this week following underwhelming earnings from Tesla (NASDAQ:TSLA) and Alphabet (NASDAQ:GOOGL), with the latter potentially setting a precedent for earnings from other internet giants
PCE inflation data in focus
Selling in tech was also driven by increased expectations for interest rate cuts, which saw investors lock profits in the sector and pivot into stocks with more exposure to an economic recovery.
PCE price index data, due later in the session, is set to provide more cues on the rates front. The reading is the preferred inflation of the Federal Reserve, and is likely to factor into the central bank’s stance on interest rates.
The reading comes ahead of next week's Fed meeting, when the central bank is widely expected to keep rates steady.
Investors will be watching for any cues on when it plans to begin cutting rates, with the general consensus expecting a 25 basis point cut in September.
Tech earnings continue next week
Tech earnings are set to continue in the coming week, with Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) due on Tuesday and Thursday, respectively. Prints from Advanced Micro Devices (NASDAQ:AMD), Qualcomm Incorporated (NASDAQ:QCOM) and Amazon (NASDAQ:AMZN) are also due next week.
Back to Friday, earnings are due from the likes of Bristol-Myers Squibb (NYSE:BMY), 3M Company (NYSE:MMM) and Colgate-Palmolive (NYSE:CL).
Crude set for weekly losses
Crude prices edged lower Friday, on track for a third straight week of decline, largely due to weak demand in China, the world's largest crude importer.
By 06:30 ET, the U.S. crude futures (WTI) traded 0.3% lower to $78.04 a barrel, while the Brent contract fell 0.3% to $82.11 a barrel.
The Brent contract was trading marginally lower this week, while WTI was down over 2%, and the benchmarks have fallen about 5% in the last three weeks.
Concerns over waning demand in China have weighed heavily, with data this week showing the Asian giant's apparent oil demand fell 8.1% to 13.66 million barrels per day in June.
(Ambar Warrick contributed to this article.)
This content was originally published on Investing.com
