US pre-open: Futures struggle for direction as investors await consumer confidence data

US stock futures moved in tight ranges on Friday, as investors took a breather after the rallies of the previous session.

The Dow Jones Industrial Average is expected to open down approximately 29 points, while the S&P 500 and the Nasdaq are set to begin the final session of the week three points lower and two points higher respectively.

Wall Street finished on the front foot on Thursday, with the Dow Jones clinching its best close since 19 August, while the S&P 500 closed above the 2,000 level to mark its highest finish since 20 August.

"We have now seen a tenth of the S&P 500 companies post their third-quarter figures and even though headlines might suggest a sluggish quarter, we have still seen just over 75% of those firms reporting better-than-expected earnings per share," said IG's senior market analyst Alastair McCaig.

"Sales figures over that same period however have been considerably less impressive.

"All of this points towards a US corporate picture telling us the same thing as economic releases, that the FOMC should be feeling no increased pressure to raise rates just yet."

Consumer confidence, industrial production in focus

On Friday, investors will analyse a number of important economic reports, starting with readings on industrial and manufacturing production, which are released at 1415 BST.

At the same time, a report on capacity utilisation for September is also scheduled for release, while job openings for August and a reading on consumer confidence for October are on tap at 1500 BST.

In company news, General Electric could be in focus after posting better-than-expected profit and revenue before the opening bell.

Advanced Micro Devices declined 0.51% in pre-market trading after the chip maker posted worse-than-expected earnings late on Thursday.

Elsewhere, Asian markets ended the week on an upbeat note, as Chinese stocks were buoyed by the prospect of more stimulus from the People's Bank of China, while European stocks advanced and were on course for weekly gains.

The dollar was broadly flat against the yen but gained 0.15% and 0.11% against the euro and the pound respectively, while gold futures slid 0.25% to $1,180.10.

Oil prices staged a solid rebound, with West Texas Intermediate rising 1.26% to $46.97 a barrel, while Brent climbed 0.94% to $50.20 a barrel.

"The ongoing weak sentiment towards the Dollar has refused to have a positive impact on WTI which has suffered four successive days of declines this week," said FXTM research analyst Lukman Otunuga.

"The latest inventory report showed another huge stockpile and will further the continual concerns regarding oversupply."