US equity futures rose in the last trading session of the week. Major index futures suggest a 0.6% gain by the opening bell on Wall Street.
Oil looks set to end the week with gains. West Texas Intermediate (WTI) crude futures were trading around $93.00 a barrel and were on track for a weekly gain of more than 5%, recouping about half of last week’s loss.
Brent crude futures were trading around $99.00 a barrel and headed for a gain of more than 4% for the week, recovering some of last week’s 14% drop.
Imported goods prices in July likely fell 1% month-on-month, compared with a 0.2% rise in June and further evidence that inflation may have peaked. By comparison, the 2.9% increase in March marked the biggest increase in 11 years.
Meanwhile, export prices are expected to drop 1.1% in July. This compares with a 0.7% increase in the previous month.
The University of Michigan releases its preliminary index of consumer sentiment for August. It is expected to rise one point to 52.5, the second straight monthly increase, after falling to a record low of 50.0 in June, when record gasoline prices fueled inflation fears.
In Asia, Tokyo’s Nikkei 225 rose 2.6 percent, paring gains after closing for a holiday on Thursday. Hong Kong’s Hang Seng rose 0.5% and China’s Shanghai Composite Index fell 0.2%.
Markets got a boost on Thursday after a report showed wholesale inflation slowed more than economists expected last month.
On Wall Street, the S&P 500 closed 0.1% lower at 4,207.27 on Thursday but was still on pace for a fourth straight weekly gain. The Nasdaq slipped 0.6% to 12,779.91, and the Dow rose 0.1% to 33,336.67.