Investing.com -- U.S. stock futures traded in a mixed fashion Friday, ahead of more inflation data which could provide more clarity regarding future interest rate moves.
By 06:30 ET (10:30 GMT), the Dow Futures contract was up 25 points, or 0.1%, while S&P 500 Futures edged lower and Nasdaq 100 Futures dropped 25 points, or 0.2%.
The main equities indices closed marginally higher Thursday, as initial enthusiasm after the July report on consumer prices waned.
The blue chip Dow Jones Industrial Average gained 50 points, or 0.2%, on course for a weekly gain of 3%. The tech-heavy Nasdaq Composite and the broad-based S&P 500 posted small gains, but both are set to register their second straight losing week.
July producer prices due
There is another form of inflation reading scheduled for release later Friday, in the form of the producer price index, providing more information for Fed policymakers ahead of the September policy-setting meeting.
Thursday's U.S. consumer price index showed that annual headline inflation in the world's largest economy rose by less than expected in July, bolstering projections that the Federal Reserve may soon back away from its long-running campaign of interest rate hikes.
However, with inflation remaining well above the Fed’s medium-term target, markets trimmed their expectations for a rate cut this year, with rates expected to remain at 22-year highs.
The PPI figure, which gauges the selling prices received by domestic producers, is expected to have risen 0.7% annually and 0.2% monthly in July. The core number, which removes food and energy, is seen picking up the pace slightly to 0.2% month-on-month, but slowing marginally to 2.3% year-on-year.
Additionally, the University of Michigan is due to release its latest consumer sentiment reading later in the session, and it is expected to slip to 71, from 71.6 in the prior reading.
News Corp eyes AI opportunities
The quarterly earnings season is near an end, but News Corp (NASDAQ:NWSA) is likely to be in the spotlight after the owner of the Wall Street Journal and the Sunday Times saw revenue fall by almost a tenth in the latest quarter, resulting in a three-month loss.
Chief Executive Officer Robert Thomson outlined the group's wider plans to adjust to the emergence of generative artificial intelligence. Calling it a "challenge" to the maintenance of publishers' intellectual property, Thomson said generative AI still represents a "remarkable opportunity" to build fresh revenue sources and slash costs.
Crude remains supported by tight supplies
Oil prices edged higher Friday, trading near their highest levels since January, underpinned by tightening global supply.
The International Energy Agency said demand growth for oil next year will be slower than previously forecast, citing lackluster macroeconomic conditions, but warned global inventories could draw down sharply over the rest of 2023, potentially driving prices still higher.
The Organization of the Petroleum Exporting Countries said on Thursday that it still expects world oil demand to rise by 2.25 million barrels per day in 2024, compared with growth of 2.44 million barrels per day this year.
By 06:30 ET, U.S. crude futures traded 0.3% higher at $83.09 a barrel, while the Brent contract climbed 0.4% to $86.72.
Additionally, gold futures edged 0.1% higher to $1,949.95/oz, while EUR/USD traded 0.1% higher at 1.0993.
(Oliver Gray contributed to this item.)