U.S. Futures Cautiously Higher Amid Earnings, Data and Fed Speakers
U.S. stock futures edged slightly higher on Friday amid a raft of corporate earnings, data and speeches from the Fed.
Oil prices posted strong gains with global benchmark Brent Crude up 2% and U.S. crude West Texas Intermediate up 1.8% recently after official data showed a huge drop in U.S. crude stockpiles. Traders will also look closely on U.S. President Donald Trump's decision on whether to recertify the 2015 Iran nuclear deal.
At 8:30 a.m., data are expected to show a 0.6% rise in the consumer price index for September vs prior month's 0.4% gain. Forecasters see retail sales posting a 1.8% gain for the month as compared to August's 0.2% decline, according to data compiled by Econoday.
At 10 a.m., business inventories are expected to rise by 0.7% in August. The consumer sentiment index is expected to come in at 95.4 in October vs prior month's 95.1.
At 2 p.m., the treasury budget is expected to post a $3 billion surplus for September, as compared to prior level of $107.7 billion in deficit.
Federal Reserve Governor Jerome Powell, and Presidents Eric Rosengren, Charles Evans, and Robert Kaplan are scheduled to give speeches. Fed Chair Janet Yellen will speak on Sunday.
In equities, shares of Inotek Pharmaceuticals ( ITEK ) were 35.4% higher pre-bell after the company filed a proxy statement on pending merger with Rocket Pharmaceuticals.
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