As traders remain optimistic, US equity futures are tracking in the green prior to Friday's market opening, fueled by anticipation surrounding the personal income and outlays report for July. The Standard & Poor's 500 index rose by 0.3%, while the Dow Jones Industrial Average gained 0.1%, and the Nasdaq experienced a robust 0.6% advancement in premarket activity, reflecting a positive sentiment echoed across Asian and European exchanges that were also pointing higher. The highly awaited personal income report is set to be released at 8:30 am ET.
This report plays a crucial role, as it includes the core price index for personal consumption expenditures, which is the Federal Reserve's preferred metric for inflation. Additionally, the economic calendar for Friday includes the Chicago Purchasing Managers' Index data for August, scheduled for 9:45 am.
At 10 am, investors will digest the final University of Michigan consumer sentiment report for the current month. The day's reports will continue with the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm and conclude with the farm prices report for July at 3 pm. In premarket trading, shares of Dell Technologies ($DELL) surged by 6.3% following the computer maker's report of a surprising increase in fiscal second-quarter earnings.
Similarly, Lululemon Athletica ($LULU) experienced a gain of 4.1%, buoyed by better-than-expected fiscal second-quarter profits. Marvell Technology ($MRVL) saw an impressive spike of 9.8%, contrasting sharply with Ulta Beauty ($ULTA), which fell 8.5% after their quarterly results. In addition, Frontline ($FRO), MINISO Group ($MNSO), and JinkoSolar ($JKS) are also expected to report their latest financial statements before the market opens, adding to the excitement of the trading day ahead. Before the opening bell rang, the cryptocurrency market showed a slight increase as bitcoin rose by 0.3% to $59,557.
In the commodities market, West Texas Intermediate crude oil ticked up slightly to $75.92 a barrel, reflecting a less than 0.1% increase. Meanwhile, yields on 10-year Treasuries retreated by 0.7 basis points to 3.86%, and gold prices edged down by 0.3% to settle at $2,552 an ounce, demonstrating a mixed sentiment in commodity assets as traders await critical economic indicators to guide their decisions..