Futures higher, consumer sentment data ahead

Investing.com — U.S. stock futures moved higher on Friday, pointing to an extension of gains on Wall Street registered in the prior session. Markets will get a chance to pour over U.S. consumer sentiment data today, while traders are also preparing for crucial inflation numbers next week. Shares in several Chinese electric vehicle firms fall in Hong Kong trading on reports that the U.S. is preparing to unveil further tariffs against Chinese companies.

1. Futures higher

U.S. stock futures climbed on Friday as investors looked ahead to a key inflation print next week and assessed a raft of corporate earnings.

By 03:23 ET (07:23 GMT), the contract had gained 11 points or 0.2%, had edged up by 48 points or 0.3%, and had risen by 79 points or 0.2%.

The 30-stock posted its seventh straight positive session on Thursday, boosted by a higher-than-anticipated reading of weekly U.S. jobless claims. The figure was the latest sign of potential cooling in the American labor market and bolstered bets that the Federal Reserve could begin to ratchet down interest rates from a more than two-decade high as soon as September.

The Dow ended the day at its highest mark since April 1, while the benchmark and tech-heavy also advanced.

In individual stocks, chip designer Arm Holdings (NASDAQ:) shed 2.3% on a weaker-than-expected annual revenue outlook and video-gaming platform Roblox (NYSE:) slumped by 22.1% after it slashed its full-year bookings guidance.

Markets are now turning their attention to next week’s U.S. producer and consumer price data, which could provide a fresh glimpse into the trajectory of inflation in the world’s largest economy.

2. Michigan consumer sentiment ahead

The preliminary reading of the University of Michigan’s consumer sentiment index for May is set to highlight an otherwise quiet day on the economic calendar on Friday.

Analysts predict that the survey will come in at 76.0, down from a final reading of 77.2 in April. Although this would indicate that consumer sentiment is waning, economists have noted that the index has not broken out of a 5-point change that they would deem to be statistically signficant since January.

In April, Joanne Hsu, Director of the Surveys of Consumers at the University of Michigan, said that most American shoppers are “reserving judgment about the economy” ahead of the all-important presidential election in…