Stock futures rose early Friday as Wall Street awaited new inflation data due Friday morning. Futures tied to the Dow Jones Industrial Average were up 72 points, or 0.20% higher. S&P 500 futures were up by 0.42%, while Nasdaq 100 futures advanced 0.82%. Earnings season continued with Dow member Procter & Gamble shares gaining more than 1.1% in premarket trading Friday. The consumer goods company behind Tide and other brands beat analysts’ earnings and revenue expectations in its most recent quarter. Intel jumped more than 7% as investors applauded a return to profitability, while Roku climbed 8% after beating Wall Street expectations on both the top and bottom lines. On the other hand, Ford Motor shares fell about 1.4% even though the automaker beat estimates and raised guidance. The company said its electric vehicle adoption was taking longer than expected due to higher costs. Investors will watch for June data for the personal consumption expenditures price index, a gauge of inflation that’s closely followed by the Federal Reserve. Economists polled by Dow Jones expect that the core PCE gained 0.2% from the prior month and climbed 4.2% when compared with a year earlier. The data is of particular interest after the central bank raised interest rates earlier this week in a widely expected move. The Fed targets inflation at 2% annually. “We don’t have to love the Fed, but we know how they think,” said Jay Hatfield, CEO at Infrastructure Capital Advisors. “Given that most people think the Fed won’t increase again, if this PCE number comes in hot, then that’s going to shake that confidence. We think it’s going to print cool, but you never know until you know.” Wall Street is coming off a losing session. The Dow’s nearly 0.7% tumble marked the end of a 13-day win streak, a length not seen since 1987. The S&P 500 and Nasdaq Composite each finished around 0.6% lower. The Dow and the Nasdaq are on pace for narrow weekly gains. The 30-stock average is up 0.16%, while the tech-heavy index has a 0.12% gain through Thursday’s close. The S&P 500 is flat on the week, up only 0.02%. Elsewhere on Friday, investors will watch for data on employment costs, personal income, consumer spending and consumer sentiment. Japan’s Nikkei 225 slid as much as 2.4% on Friday after the Bank of Japan adjusted its stance on its yield curve control policy. The benchmark index ended the day 0.4% down at 32,759.23 while the Topix saw a smaller loss of 0.2%, closing at 2,290.61. The BOJ also held its benchmark policy rate at -0.1%, in line with expectations from economists polled by Reuters. In Australia, the S&P/ASX 200 fell 0.7% to end at 7,403,6 as the country’s retail sales fell 0.8% year on year in June, lower than expectations in a Reuters poll that the retail sales figure will remain unchanged from a year ago. South Korea’s markets were in positive territory, with the Kospi higher by 0.17% to close at 2,608.32 and the Kosdaq up 3.39% to end at 913.74. Hong Kong’s Hang Seng index climbed 1.43% in its final hour of trade, while the Shanghai Composite was up 1.84% to close at the highest level since May 22, and the Shenzhen Component gained 1.62% to end at 11,100.4. Oil prices fell in early Asian trade on Friday as demand concerns weighed against strong economic data. Brent crude fell 59 cents, or 0.7%, to $83.65 a barrel by 0027 GMT, but was on track for a weekly 5% increase. U.S. West Texas Intermediate crude fell 51 cents, or 0.6%, to $79.58 a barrel, on track for a 5.2% weekly increase. Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five. Spot gold was up 0.3% at $1,951.19 per ounce by 0249 GMT, after earlier hitting its lowest level since July 12 and ending 1.4% lower in the previous session. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23. U.S. gold futures rose 0.2% to $1,950 per ounce.
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