US open: Stocks edge slightly higher after raft of data

US equities edged higher early on Friday, as investors analysed a number of economic reports on industrial production and consumer sentiment.

Just after 1500 BST, the Dow Jones Industrial Average was up by 29 points, while the S&P 500 and the Nasdaq both rose by approximately four points.

Friday data

According to figures published by the Federal Reserve, industrial output rose 0.6% last month, driven by a 10.6% surge in autos production.

The figure was above the 0.3% increase analysts had expected.

"For all the talk of global deflationary pressures this week, we suspect the Fed will be more focused on the growing evidence of mounting domestic inflationary pressures," said Steve Murphy, US economist at Capital Economics.

"A September rate hike is coming."

US producer prices rose 0.2% in July from June, when they were up 0.4%, according to data released by the Labor Department.

This marked the third straight monthly increase and came in below analysts’ expectations of a 0.1% rise.

"We continue to see a stronger dollar and lower energy prices as posing headwinds for industrial output and do not look for a strong rebound in the sector this year," analysts at Barclays said in a note.

Meanwhile, the University of Michigan index slipped from 93.1 in July to 92.9 in August, broadly in line with expectations.

Mixed earnings on Wall Street

In company news, fashion retailer Nordstrom rose 5.87% on the back of better-than-expected profits

Going the other way, restaurant chain El Pollo Loco Holdings plunged 19.6% posting worse-than-expected revenue late on Thursday, while King Digital Entertainment slumped 9.08% after its quarterly revenue missed forecast.

Elsewhere, Chinese stocks reversed losses to close higher on Wednesday as Beijing defended the lowering of the yuan, while European equities edged lower after disappointing data weighed on sentiment.

The dollar was broadly flat against the the yen and the euro but lost 0.22% against the pound, while gold futures climbed 0.18% to $1,117.60.

Oil prices were mixed, with West Texas Intermediate, which reached a six-year low on Thursday, climbing 1.03% to $42.67 a barrel, while Brent edged 0.08% lower to $49.18 a barrel.