(Reuters) - U.S. stock index futures extended gains on Friday, as fresh evidence of progress on the inflation front reignited hopes that the Federal Reserve could cut interest rates sometime this year.

The personal consumption expenditures (PCE) price index rose 0.3% in March, compared to a 0.3% increase forecast by economists polled by Reuters. In the 12 months through March, PCE inflation advanced 2.7% against expectations of 2.6%.

Excluding the volatile food and energy components, the PCE price index increased 0.3% last month against expectations of a 0.3% increase. Annually, it came in at 2.8% versus forecasts of 2.7%.

At 8:32 a.m. ET, Dow e-minis were up 122 points, or 0.32%, S&P 500 e-minis were up 46.75 points, or 0.92%, and Nasdaq 100 e-minis were up 197 points, or 1.12%.