Stock futures moved higher early Friday as oil prices declined and traders looked ahead to August’s consumer price index report.
Futures for the Dow Jones Industrials rebounded 262 points, or 0.5%, to 52,357.
Futures for the S&P 500 grabbed 37.75 points, or 0.5%, to 7,636.25.
Futures for the NASDAQ Composite hiked 168.5 points, or 0.6%. to 29,303.75.
Oracle shares popped more than 7% in the premarket on the back of better-than-expected results for the fiscal first quarter.
The gains came as crude prices eased, giving back some of the sharp gains seen this week due to escalating tensions in the Middle East. West Texas Intermediate futures dropped 3.3% to $99.08 per barrel. Brent futures slid 3.6% to $103.76 per barrel.
Both contracts remained on pace for weekly advances of around 8%, putting pressure on U.S. equities. Week to date, the Dow is on pace for a 2.5% decline, while the S&P 500 is heading for a 1.6% loss. The NASDAQ is also on track for a 1.6% slide.
All eyes are on the upcoming consumer price index reading for August, due Friday. Economists polled by Dow Jones anticipate a 0.4% increase on a monthly basis and an annual rate of 3.4%.
This pivotal report that will factor into the Federal Reserve’s Sept. 16 decision on interest rates. Fed funds futures trading suggests a roughly 71% likelihood of a rate hike.
In Japan, the Nikkei 225 index slid 1.9% Friday, while in Hong Kong, the Hang Seng lost 0.6%.
Oil prices faltered $2.80 to $99.68 U.S. a barrel.
Gold prices dulled $31.30 to $4,376 U.S an ounce.
Stock Futures Recover as Oil Prices Subside
