U.S. stock market index futures were lower Friday morning after a batch of disappointing quarterly reports, as Wall Street heads for a weekly loss. S&P 500 futures shed 0.4%, and Nasdaq-100 futures slid 0.9%. Futures linked to the Dow Jones Industrial Average also fell 80 points, or 0.2% lower. All major averages are on track to end the week with losses. Down 1.3% this week, the S&P 500 is poised to snap its two-week winning streak and post its worst weekly performance since December. The Dow and Nasdaq Composite are on pace to lose 0.7% and 1.8%, respectively. Ride-hailing platform Lyft tanked more than 30% in premarket trading after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by 2% after its earnings and revenue fell below analysts’ expectations. Dan Greenhaus, Solus Alternative Management’s chief strategist, is mixed on what the latest action will mean for the remainder of 2023. However, Greenhaus added that the investors have been overlooking the Federal Reserve signaling a continuing path toward tighter monetary policy. “In general, both the equity and credit markets are discounting something resembling a soft landing, and a return to a normalized rate policy that is increasingly unlikely,” he said. Investors will seek more detail on the central bank’s policy from Fed Governor Christopher Waller and Philadelphia Fed President Patrick Harker. Both are slated to speak on Friday afternoon. On the economic data front, the University of Michigan will issue its preliminary consumer sentiment reading for February. Asia-Pacific markets traded mostly lower with the exception of Japan as the yen pushed higher against both the euro and U.S. dollar on Friday. This follows a Nikkei report which said Kazuo Ueda would be appointed as the Bank of Japan’s next governor. The yen strengthened 0.77% against the U.S. dollar, and last stood at 130.64. The Nikkei 225 rose 0.31% to close at 27,670.98, while the Topix gained 0.1% to end the day at 1,986.96. In South Korea, the Kospi fell 0.48% to 2,469.73 and the Kosdaq also inched 1.55% lower to close at 772.44. China’s inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago. The Shanghai Composite fell 0.3% and the Shenzhen Component shed 0.6%. Hong Kong’s Hang Seng index also shed 2%, leading losses in the region with the Hang Seng Tech index down 4.5%. In Australia, the S&P/ASX 200 closed 0.76% at 7,433.7. Russia will cut oil output by 500,000 barrels per day in March, Deputy Prime Minister Alexander Novak said on Friday, following Western bans on Moscow’s crude and oil products implemented in the past few months. The announced production decline amounts to roughly 5% of Russia’s latest crude oil output, which Paris-based watchdog the International Energy Agency estimated was down at 9.77 million barrels per day in December. The Brent contract for April delivery was trading at $86.26 per barrel at 11 a.m. London, jumping by $1.76 a barrel — over 2% — on the news compared to Thursday’s close price. The front-month Nymex WTI contract with March expiry was at $79.72 a barrel, also gaining 2% from the previous settlement. Gold prices were flat on Friday, while market focus switched to next week’s U.S. inflation data that is likely to provide clarity on the Federal Reserve’s monetary policy trajectory. Spot gold was little changed at $1,862.52 per ounce, as of 1027 GMT, after hitting its lowest level since Jan. 6 earlier in the session. For the week, bullion was down 0.1%. U.S. gold futures fell 0.3% to $1,872.70.