09:04 AM EST, 01/17/2025 (MT Newswires) -- Traders were upbeat ahead of the opening bell Friday as they looked to economic data showing modest improvements in housing starts, expected improvements industrial production, and a long Martin Luther King, Jr. holiday weekend capped by the inauguration of President-elect Donald Trump.

Dow Jones Industrial Average futures edged up 0.6%, while S&P 500 futures increased 0.7%, and Nasdaq futures moved ahead 1.0%

Oil prices were mostly steady, with the front-month global benchmark North Sea Brent crude down 0.2% to $81.14 per barrel and US West Texas Intermediate crude flat at $78.68 per barrel.

December housing starts beat expectations with a 1.499 million annualized rate, compared to the 1.33 million consensus, up from a 1.264 million in November. December housing permits increased to 1.483 million, beating expectation's of 1.46 million.

The Federal Reserve's December index of industrial production, set for release at 9:15 am ET, is expected to show an increase of 0.3%, with manufacturing seen bouncing 0.4 percent, after several weak months. Capacity utilization is expected to grow to 77.0%, up from an unexpectedly low 76.8% in November.

Traders will also be watching the Baker Hughes North American rig count, a measure of oilfield activity and energy demand, due for release at 1 pm ET, and the November Treasury International Capital report, which tracks the flow of capital in and out of the US and serves as a measure of the dollar's strength, at 4 pm ET.

Asian stock markets were mixed, with Japan's Nikkei 225 down 0.3%, Hong Kong's Hang Seng rising 0.3%, and China's Shanghai Composite finishing 0.2% higher.

European bourses were performing strongly, with the UK's FTSE 100 up 1.3%, and Germany's DAX index advancing 1% in the early afternoon session.

In equities, shares of fintech firm Nukkleus ( NUKK ) were up more than 62% in the premarket after the company regained compliance with Nasdaq listing rules. Shares of electric car maker Rivian (RIVN) advanced 3% and solar energy company Zeo Energy ( ZEO ) more than 41% following reports that the outgoing Biden administration was racing to support clean energy companies ahead of its departure.

Among losers, shares of quantum computing firms continued their topsy-turvy ride with IonQ ( IONQ ) and Rigetti Computing ( RGTI ) down 3.5% and 5.1%, respectively.