U.S. stock futures traded in the green on Friday, suggesting another record-setting trade, but a revision in 2023 inflation data is looming that could derail the party.
S&P 500 (^GSPC) futures rose about 0.2% after Thursday's hard-earned close brought the benchmark within three points of closing above 5,000 for the first time. Dow Jones Industrial Average (^DJI) futures remained above the flat line, while the tech-heavy Nasdaq 100 (^NDX) led the rally, rising 0.3%.
Stocks have risen over the past week despite a string of strong quarterly results and a lack of economic updates. The economic update is prompting a change in direction due to its importance to the Federal Reserve's policy thinking.
read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards
With that in mind, investors will be watching Friday's revision of the 2023 Consumer Price Index more closely than usual, as the gains previously measured due to seasonal adjustments a year ago have disappeared. Fed officials have emphasized that they are taking their time to ensure that price pressures have truly subsided before cutting rates.
PepsiCo's (PEP) results will be in the spotlight on Friday as the pace of corporate earnings begins to slow. Shares fell about 2% in premarket trading after the soda and snack giant's sales fell short of Wall Street expectations amid soaring prices.
