US pre-open: Futures higher following yesterday's hotter-than-expected inflation CPI print

Wall Street futures were in the green ahead of the bell on Friday after the S&P 500 closed at a fresh record high in the previous session.

As of 1255 BST, Dow Jones futures were up 0.06%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.47% and 0.78%, respectively.

The Dow closed 19.10 points higher on Thursday despite some hotter-than-expected inflation data from the Department of Labor.

Market participants were still digesting yesterday's consumer price index report that revealed inflation had risen at its quickest pace in roughly 13 years as the US economy continues to rebound from the Covid-19 pandemic-fuelled recession.

AvaTrade's Naeem Aslam said: "US and European futures are trading higher as investors are ready to back riskier assets once again and yesterday's US CPI data and the ECB meeting have only increased their appetite for riskier assets.

"It is true that the US that inflation number surged further yesterday however it is that the Federal Reserve maintains their view that the reasons driving the inflation figures up are expected to be transitory and will likely decline in the coming months. This premise has given traders confidence that a dovish strategy will strengthen the economy even more, as evidenced by the performance of the stock markets yesterday."

On the macro front, a preliminary reading of the University of Michigan's June consumer sentiment index will be published at 1400 BST.

In the corporate space, meme stocks AMC Entertainment and GameStop were both trading higher ahead of the bell after recording double-digit losses in the prior session.