US futures advanced on Friday ahead of the bell, driven by a retreat in oil prices and better-than-expected results from Oracle Corp., which boosted sentiment in the technology sector. Investors are now awaiting the release of consumer price data later in the morning.
As of 7:40 a.m. in New York, S&P 500 futures were up 0.5%, and Nasdaq 100 contracts increased by 0.6%. West Texas Intermediate crude oil traded below $100 at $99.42 a barrel, following the International Energy Agency's revised lower forecasts for oil demand this year. Yields on 10-year Treasuries were approximately 4.95%.
Oracle's positive performance, with its shares jumping nearly 7% premarket, reassured shareholders that its investments in artificial intelligence were yielding returns. This helped to alleviate some market concerns. The broader market faces a fragile backdrop due to fluctuating interest rate expectations, the intensifying Middle East conflict, and elevated Treasury yields. The upcoming Consumer Price Index report is crucial, as it could further shift rate expectations, especially after Thursday's slightly hotter-than-expected Producer Price Index reading.
