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Futures up: Dow 0.11%, S&P 500 0.11%, Nasdaq 0.24%
Aug 16 (Reuters) - U.S. stock index futures edged higher
on Friday after the S&P 500 and the Nasdaq logged six-session
winning streaks, as a spate of encouraging economic data fueled
a broad rebound led by heavyweight tech and growth stocks.
The benchmark index has recovered from a pullback
earlier this month caused by a dour U.S. jobs report and the yen
carry trade as better-than-expected data calmed nerves over a
sharp slowdown in the world's largest economy.
U.S. consumer and producer prices data this week indicated
inflation was moderating at a pace that would keep the U.S.
Federal Reserve on track to start its monetary easing cycle with
a 25-basis point rate cut next month as opposed to a more
aggressive move.
The U.S. central bank is now expected to track the labor
market trends more closely.
Market participants will look to minutes from the Fed's last
policy meeting and Fed Chair Jerome Powell's outlook of the U.S.
economy at the Jackson Hole symposium, an annual gathering of
global central bankers, next week for more clues on the rate cut
trajectory.
At 5:30 a.m., Dow E-minis were up 46 points, or
0.11%, S&P 500 E-minis were up 0.11% to 5,573.75 points and
Nasdaq 100 E-minis were up 47.5 points, or 0.24%.
The S&P 500 and the Nasdaq were headed for their best weeks
since October, while the Dow was on pace for its best weekly
showing since December.
Later in the day, University of Michigan will issue its
consumer sentiment survey for August around 10 a.m. ET (1400
GMT).
Remarks from Federal Reserve Bank of Chicago President
Austan Goolsbee will also be watched a day after two more Fed
officials - St. Louis Fed chief Alberto Musalem and Atlanta Fed
boss Raphael Bostic - on Thursday gravitated toward an interest
rate cut in September.
Applied Materials ( AMAT ) dropped 2.8% in premarket trading
following a strong jump ahead of its results. The chip-making
equipment firm forecast fourth-quarter revenue slightly above
Wall Street estimates.
Crypto- and blockchain-related firms firmed as bitcoin
rose 3%. Miners Riot Platforms Inc ( RIOT ) and Marathon
Digital ( MARA ) gained 2.3% and 1.8% respectively, while
iShares Bitcoin Trust ETF added 2.4%.
Overall, U.S. stock trading volume has been below its 20-day
moving average in the past six sessions as many investors are
away for summer break.