09:16 AM EDT, 06/28/2024 (MT Newswires) -- US stocks look set to open modestly higher in Friday's trading session as key inflation data released earlier in the morning met expectations and indicated inflation is slowing down.

Dow Jones Industrial Average futures were up 0.01%, S&P 500 futures were rising 0.2%, and Nasdaq futures were moving 0.3% higher.

Oil prices were rising, with front-month global benchmarks North Sea Brent crude gaining 0.2% to $85.46 per barrel and US West Texas Intermediate crude gaining 0.4% to $82.03 per barrel.

The core PCE index for May, which measures how consumers spend their money excluding seasonal food and energy prices, rose 0.1% as expected compared with April, when it increased 0.2%. On an annual basis, the index rose 2.6% compared with 2.7% the previous month, which also met analysts' expectations.

Later in the morning the Chicago purchasing managers' index, which gauges the economic health of the manufacturing sector in the Chicago area, will be released. The index is expected to rise to 39.7 in June from 35.4 the previous month, according to Bloomberg.

In other world markets, Japan's Nikkei rose 0.6%, Hong Kong's Hang Seng nudged 0.01% higher, and China's Shanghai Composite gained 0.7%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 0.2%, while Germany's DAX was down 0.02% and France's CAC was down 0.9%.

In equities, shares of Cosmos Health ( COSM ) jumped 91% in Friday's premarket session after it said Thursday it signed an exclusive distribution deal with Pharmalink for its Sky Premium Life products in the UAE. Ormat Technologies ( ORA ) advanced 2%, after a 1.5% gain on Thursday. African Agriculture ( AAGR ) shares surged 38%, following a 3% loss the previous session. Carisma Therapeutics ( CARM ) climbed 28% after it said late Thursday that it nominated an in vivo CAR-M targeting Glypican-3 as the first development candidate under its collaboration with Moderna ( MRNA ) . And Ocean Power Technologies' ( OPTT ) stock rose 44% after it 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 Elicio Therapeutics ( ELTX ) plunged 39% after it said late Thursday that it launched an underwritten public offering of its shares and accompanying warrants. Nexalin Technology ( NXL ) shares tumbled 35% following an 8% gain on Thursday. Accolade (ACCD) shares shed 32% after analysts at Morgan Stanley and Truist cut their price targets on the stock. Inspire Veterinary Partners' ( IVP ) stock lost 21% after surging 64% the previous session. And shares of Nike ( NKE ) dropped 16% following multiple analyst downgrades after it reported lower Q4 revenue late Thursday that missed Street expectations.