US pre-open: Futures track higher, Nike set to jump

US stock futures were pointing higher ahead of the opening bell on Friday with markets set to extend gains from the previous session ahead of some all important inflation figures later on.

Futures on the Dow Jones Industrial Average and S&P 500 were up 0.5%, while the Nasdaq was rising 0.7%.

"Stocks are managing to put a shine a tough month and rally into the weekend despite Treasury yields spiking and European bond spreads widening yesterday," said analyst Neil Wilson from Markets.com.

"Yields have come off a bit as of this morning, along with the US dollar and oil, allowing stocks to make some further clawback, but the 10yr US Treasury note yield remains just a few bps off its highest in 16 years and crude is not far from a 13-month high scaled yesterday."

Friday will see the release of the personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, which is expected to show that the annual rate of price growth picked u to 3.5% in August, from 3.3% in July.

Core inflation however, is forecast to have dipped to 3.9% from 4.2%, dropping below the 4% level for the first time in over two years. The data is due out at 0830 ET.

In company news, Nike futures were surging 9% after net income in its most recent quarter fell just 1%, significantly better than the 20% drop expected by analysts. Before the results overnight, the stock had fallen 23% so far this year.

Meal-kit company Blue Apron was set to soar after agreeing to a takeover deal with Wonder Group overnight, representing a 130% premium to Thursday's closing price.