US pre-open: Futures edge higher as investors focus on more Fed speakers

US stock futures edged higher on Friday, as Wall Street remained on track to clinch its seventh weekly gain in the last two months.

The Dow Jones Industrial Average is expected to open approximately up 50 points, while the S&P 500 and the Nasdaq are set to begin the final session of the week four and eight points higher respectively.

Having rallied on Wednesday after the release of the latest Federal Reserve minutes showed the US central bank believes the US economy is strong enough to cope with an interest rates hike next month, US stocks were little changed ahead of the bell on Friday, with the Dow Jones on track to gain 2.8% this week.

Fed speakers in focus

On Thursday, Atlanta Fed President Lockhart Dennis Lockhart reiterated the US central bank was ready for liftoff but warned that “the pace of increases may be somewhat slow and possibly more halting than historic episodes of rising rates".

Meanwhile, Fed Vice Chairman Stanley Fischer added Fed policymakers had done everything “we can to avoid surprising the markets and governments when we move”.

On a largely quiet day on the macroeconomic front, investors will hear from St. Louis Fed President James Bullard, who will give his views on the US economy in Arkansas at 1400 GMT.

“We’re now less than a month away from the December meeting at which the Fed is expected to raise interest rates and these comments could provide crucial insight into what it would take for the Fed to delay the hike again,” said Oanda’s senior market analyst Craig Erlam.

Elsewhere, Asian stocks ended the week on an upbeat note as investors looked to have come to terms with the prospect of higher US interest rates, while European stocks were on track for weekly gains.

Oil prices were mixed, as West Texas Intermediate edged 0.10% lower to $41.68, while Brent rose 0.16% to $44.25 a barrel, while gold spot gained 0.33% to $1,085.76.

The dollar was broadly flat against the pound and the yen but gained 0.31% against the euro.

In company news, Gap fell 1.18% in pre-market trading after the clothing retailer cut its profit guidance for the year late on Thursday, as quarterly sales fell more than expected.

Software maker Intuit jumped 9.83% ahead of the bell after posting better-than-expected quarterly results on Thursday, while Foot Locker and Abercrombie & Fitch will report quarterly earnings ahead of the opening bell.