Stock futures climbed Friday as investors prepared for a crucial inflation reading that’s closely watched by the Federal Reserve. Futures linked to the S&P 500 ticked up 0.4%, while Nasdaq 100 futures added 0.7%. Dow Jones Industrial Average futures advanced 84 points, or 0.2%. A new catalyst for stocks awaits on Friday at 8:30 a.m. ET: the personal consumption expenditures price index. Economists polled by Dow Jones anticipate a 0.2% monthly increase in July for headline prices, or 2.5% on an annual basis. The core reading is expected to have gained 0.2% from the prior month, or 2.7% from 12 months earlier. The Fed keeps a close eye on this metric, and it could still influence policymakers’ rate decision in September. “The market is set to absorb the results of the PCE release, with consensus estimates focused on the core year-over-year report inching slightly higher at 2.7% following 2.6% for the previous print,” said LPL Financial’s chief global strategist Quincy Krosby. “Because there are some Fed members suggesting they need more data to confirm that inflation is continuing on a downward path before agreeing to cut rates, any surprise indicating a hotter report could be negative for the market,” she added. As August’s trading winds down, the S&P 500 is on pace for a nearly 1.3% gain during the month, while the Dow is on track to add 1.2%. The Nasdaq Composite is the sole loser of the three major averages, off by nearly 0.5% this month. On the week, the S&P 500 and the Nasdaq are on pace for declines of 0.8% and 2%, respectively — the first losing week in three for both indexes. The Dow is on pace for its third positive week, up 0.4% in the period. Treasury yields were little changed Friday as investors awaited key inflation data. The yield on the 10-year Treasury stood at 3.856%, down 1 basis point. The yield on the 2-year Treasury rose nearly 1 basis point to 3.902%. Asia-Pacific markets climbed Friday after economic data from the U.S. calmed recessionary fears, while investors also assessed a slew of data from Japan. Japan’s Nikkei 225 rose 0.74% to close at 38,647.75, its highest level since July 31, and the Topix also climbed 0.73% to 2,712.63 after the data release. Hong Kong Hang Seng index gained 1.44% as of its final hour, leading markets in Asia, while mainland China’s CSI 300 rose 1.33%, rebounding off a near seven-month low and closing at 3,321.43. South Korea’s Kospi gained 0.45% to 2,674.31, while the small-cap Kosdaq advanced 1.54% to 767.66 and snapped a seven-day losing streak. South Korea’s retail sales dipped 1.9% month on month compared to June. On a year-on-year basis, retail sales fell 2.1%. Australia’s S&P/ASX 200 rose 0.58% to 8,091.9, coming within 30 points of its all-time closing high of 8,114.7. Oil prices steadied on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery, which expire on Friday, were down 7 cents, or 0.09%, at $79.87 a barrel by 1041 GMT. The more actively traded contract for November inched up 5 cents, or 0.06%, to $78.87. U.S. West Texas Intermediate crude futures gained 6 cents, or 0.08%, to $75.97. Gold prices lingered near all-time high levels on Friday and were set for a monthly gain, driven by U.S. rate-cut bets and geopolitical uncertainty, while focus shifted to a key inflation report. Spot gold was up 0.1% at $2,523.59 per ounce, as of 0908 GMT, just shy of a record high of $2,531.60 hit on Aug. 20. The bullion has gained more than 3% for the month. U.S. gold futures edged 0.1% lower to $2,556.70.