US stock futures edge higher; set for hefty weekly gains

U.S. stock index futures edged higher Friday, on course for strong weekly gains as reasonably healthy economic data helped ease concerns over an economic slowdown. 

At 06:00 ET (10:00 GMT), Dow Jones Futures rose 15 points, or 0.1%, S&P 500 Futures gained 3 points, or 0.1%, and Nasdaq 100 Futures claimed 28 points, or 0.2%.

The main Wall Street indices closed with strong gains Thursday after retail sales came in much stronger than expected and weekly jobless claims fell, suggesting earlier recession fears were overplayed.

As far as the week is concerned, the broad-based S&P 500  is on track for a gain of over 3% and the tech-heavy NASDAQ Composite  more than 5%, which would be their biggest weekly gains since November. The blue chip Dow Jones Industrial Average  has climbed more than 2% this week, which would also mark its best performance this year. Michigan data ahead of Jackson Hole 

Softer U.S. inflation data this week has put an interest rate cut by the Federal Reserve for the first time in more than four years firmly on the agenda at its next meeting in September, although the healthy labor market data as well as the retail sales suggest a 25-basis-point cut rather than anything more aggressive.

There is University of Michigan sentiment data to study later in the session, but a lot of attention will be on next week's central bank gathering in Jackson Hole , Wyoming, as U.S. Fed chief Jerome Powell gets a chance to fine-tune his message before September's monetary policy meeting.  Ford to recall 85,000 SUVs 

In corporate news, Ford (NYSE:F ) is recalling about 85,000 Explorer SUVs equipped with the Police Interceptor Utility package over concerns of an engine fire, the National Highway Traffic Safety Administration said on Friday.

Texas Instruments (NASDAQ:TXN ) stock rose premarket after the semiconductor company signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce. 

The agreement outlines up to $1.6 billion in proposed direct funding under the CHIPS and Science Act to support the construction of three 300mm semiconductor wafer fabs in Texas and Utah. Crude on track for positive week

Crude prices edged lower Friday, but were on course for a positive week on signs of economic resilience in the U.S., the world's top oil consumer. 

By 06:00 ET, the U.S. crude futures (WTI) dropped 1.6% to $76.88 a barrel, while the Brent contract fell 1.3% to $79.97 a barrel.

Both benchmarks are on track for gains of more than 1% this week, the second consecutive winning week, on the heels of relatively strong U.S. economic readings and signs of easing inflation in the country.

(Ambar Warrick contributed to this article.)

Source: Investing.com