U.S. stock futures were mixed on Friday as investors braced for inflation indicators that could set the tone for an eventful end to a data-driven week.
S&P 500 (^GSPC) futures rose 0.2% after hitting a new closing high, while Dow Jones Industrial Average (^DJI) futures remained flat. The tech-heavy Nasdaq 100 (^NDX) contract outperformed, rising nearly 0.6%.
Markets performed well this week as a series of mixed data prompted investors to continue reevaluating their view of the U.S. economy and, by extension, the timing of interest rate cuts. A shockingly hot consumer inflation report fueled the sell-off, with the Dow Jones Industrial Average dropping 500 points just one day after hitting an all-time high.
Stocks have clawed back big losses as retail sales plummeted, putting weekly wins for the Dow and S&P 500 within reach. Friday's update on the producer price index, another key inflation measure, will be closely watched by investors given the high rate of stock appreciation. A warning about data that could sway the Federal Reserve's policy thinking.
read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards
In earnings-related moves, Coinbase (COIN) shares soared more than 14% in pre-market trading after the cryptocurrency exchange posted its first quarterly profit in two years. Applied Materials (AMAT) stock also rose after the machinery maker's forecast suggested a recovery in the chip sector.
