Stock futures rose Friday, with the S&P 500 just a whisker away from its all-time high, as hope for a U.S.-China trade deal grew and traders awaited fresh U.S. inflation data. S&P 500 futures climbed 0.3% along with those tied to the Dow Jones Industrial Average. Nasdaq-100 futures advanced 0.4%. Commerce Secretary Howard Lutnick told Bloomberg news that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently. President Donald Trump also said Thursday “we just signed with China yesterday,” then a White House official later clarified he meant China agreed to “an additional understanding of a framework to implement the Geneva agreement.” China’s Ministry of Commerce also said Friday that the two countries had confirmed a trade framework that would allow the export of rare earths to the U.S. and ease tech restrictions. The S&P 500 is on the verge of completing a stunning comeback from the closing lows set in April. Markets were in turmoil during the spring as investors feared President Donald Trump’s tariffs would hurt corporate earnings and tip the economy into a recession. However, the benchmark recovered and is up 23.3% since reaching a nadir on April 8. The index also sits just 0.1% below its all-time intraday high of 6,147.76. “The markets were in a sense of stasis,” said Rick Rieder, BlackRock’s chief investment officer for global fixed income, on CNBC’s “Closing Bell.” “There is so much money that wants to come into the market that didn’t for a while. And I just think if you don’t have any negative news, the natural gravitational pull is across all these assets.” To be sure, investors have new inflation figures to contend with before the S&P 500 can complete its stunning rebound. The May reading of personal consumption expenditures price index is due at 8:30 a.m. ET. Economists polled by Dow Jones expect the index to tick 0.1% higher on the month and 2.3% from a year ago. So-called core PCE is slated to rise 0.1% from April and 2.6% from 12 months earlier. U.S. Treasury yields inched higher on Friday as investors awaited the release of a key inflation measure preferred by the Federal Reserve, as well as monitored U.S. President Donald Trump’s renewed threats against Fed Chairman Jerome Powell. The 10-year Treasury yield was up 2 basis points at 4.271%, while the 2-year yield moved 3 basis points higher to 3.75%. The 30-year yield was little changed at 4.823%. Asia-Pacific markets traded mixed Friday as investors assessed China’s May industrial data. The country’s industrial profits fell 9.1% year on year in the first five months of the year, according to the National Bureau of Statistics. Japan’s benchmark Nikkei 225 climbed 1.43% to end the day at 40,150.79, after crossing the 40,000 mark for the first time since Jan. 7 earlier in the day. Meanwhile, the broader Topix index advanced 1.28% to 2,840.54. In South Korea, the Kospi index ended the day 0.77% lower at 3,055.94, while the small-cap Kosdaq dropped by 0.81% to 781.56. Hong Kong’s Hang Seng Index closed 0.17% lower at 24,284.15 and mainland China’s CSI 300 index were down 0.61% at 3,921.76. Over in Australia, the S&P/ASX 200 benchmark ended the day 0.43% lower at 8,514.20. Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 50 cents, or 0.7%, to $68.23 a barrel by 1036 GMT while U.S. West Texas Intermediate crude gained 49 cents, or nearly 0.8%, to $65.73. Gold fell more than 1% to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited U.S. inflation data for clues on the future trajectory of interest rates. Spot gold lost 1.3% to $3,283.56 per ounce by 0839 GMT, its lowest since late May. Prices have fallen by over 2% this week and more than $200 from a record high scaled in April. U.S. gold futures fell 1.6% to $3,295.70.