08:07 AM EDT, 06/28/2024 (MT Newswires) -- US stock futures are trending modestly higher in premarket activity Friday as investors await the results of the latest reading of the personal consumption expenditure price index, a key inflation measure, and the Chicago Purchasing Managers' Index, both of which are coming out later this morning.

The Dow Jones Industrial Average futures were up 0.04%, S&P 500 futures were rising 0.3%, and Nasdaq futures were moving 0.4% higher.

Oil prices were on the rise, with front-month global benchmarks Brent crude and West Texas Intermediate crude gaining 0.3% and 0.4% respectively.

The core PCE index for May, which measures how consumers spend their money excluding seasonal food and energy prices, is expected to rise 0.1% compared with April, when it increased 0.2%, according to Bloomberg. On an annual basis, the index is expected to rise 2.6% compared with 2.8% the previous month.

The Chicago PMI, which gauges the economic health of the manufacturing sector in the Chicago area, is expected to rise to 39.7 in June from 35.4 the previous month, according to Bloomberg.

In equities, shares of Cosmos Health ( COSM ) jumped 55% in Friday's premarket activity after the company said Thursday it signed an exclusive distribution deal with Pharmalink for its Sky Premium Life products in the UAE. African Agriculture ( AAGR ) shares surged nearly 53%, following a 3% loss the previous session. Ocean Power Technologies' ( OPTT ) stock rose more than 37% after the company said Thursday that it signed an Original Equipment Manufacturer agreement to provide maritime technology to Teledyne Technologies (TDY) subsidiary Teledyne Marine.

On the losing side, shares of Nexalin Technology ( NXL ) plunged more than 36% following an 8.4% gain on Thursday. Accolade (ACCD) shares tumbled 31% after analysts at Morgan Stanley and Truist cut their price targets on the stock. Shares of Elicio Therapeutics ( ELTX ) fell 27% after the company said late Thursday that it launched an underwritten public offering of its shares and accompanying warrants.