US pre-open: Futures point to positive session as investors await CPI reading
Wall Street futures were in the green ahead of the bell on Friday as investors awaited some key inflation data due out later in the day.
As of 1225 GMT, Dow Jones futures were up 0.27%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.36% and 0.35% higher, respectively.
The Dow closed 0.06 points lower on Thursday, narrowly putting a stop to the blue chip's three-day winning streak.
Friday's primary focus will be the release of more data from the Labor Department in the form of the November consumer price index. Economists expect to see a high inflation print of around 0.7%, which could potentially lead the Federal Reserve to speed up the tapering of its $120.0bn monthly bond-buying programme. If the CPI comes in as expected, it will result in a 6.7% year-on-year growth in inflation to mark the biggest increase since June 1982.
CMC Markets' Michael Hewson said: "With the Federal Reserve due to meet next week, there is some concern that a really hot number today could prompt the FOMC to go accelerate its tapering program more rapidly, from the current $10.0bn of US treasuries and $5.0bn of mortgage-backed securities that it started last month, in an attempt to give themselves more optionality in 2022 when it comes to raising rates.
"Currently markets are pricing the prospect of a doubling of the taper next week, and any number that hints at a bigger amount next week could prompt some choppiness."
On the macro front, November's CPI reading will be published at 1330 GMT, while a preliminary reading of the University of Michigan's December consumer sentiment index will follow at 1500 GMT and the Federal Government's budget statement for last month will be released at 1900 GMT.
No major corporate earning were slated for release on Friday.