US pre-open: Futures point to losses following surprise wholesale inflation reading

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Friday but both the S&P 500 and Nasdaq Composite were still tracking towards a winning week. As of 1230 BST, Dow Jones futures were down 0.92%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.71% and 0.48% weaker, respectively.

The Dow closed 65.11 points lower on Thursday following a surprise dip in wholesale inflation figures.

Wholesale inflation unexpectedly dropped 0.2% in May, according to the Bureau of Labor Statistics, with economists expecting to have seen the gauge tick ahead by 0.1%. The reading follows a flat month-on-month print in May.

On the macro front for Friday, monthly import/export price data will be out at 1330 BST, while a preliminary reading of the University of Michigan's consumer sentiment index will be out at 1500 BST.

Federal Reserve Bank of Chicago president Austan Goolsbee will deliver a speech at 1900 BST.

In the corporate space, Adobe shares surged in pre-market trading after the software giant beat Wall Street estimates with its Q2 earnings and hiked its full-year guidance, while Tesla shares traded higher after shareholders voted to approve chief executive Elon Musk's controversial $56.0bn pay packet.





Reporting by Iain Gilbert at Sharecast.com