Investing.com — U.S. stock futures were mostly weak on Friday as investors awaited the release of a slew of economic data, including new consumer spending data and the Federal Reserve's recommended inflation measure.
By 6:31 ET (10:31 GMT), the contract was little changed, down 5 points, or 0.1%, and down 43 points, or 0.2%.
The benchmark hit a record close for the third time this week on Thursday, adding 23 points or 0.4%.
The increase was backed up by figures showing weekly jobless claims fell more than expected, with final figures for U.S. gross domestic product showing that the world's largest economy fell in the second quarter. It was confirmed that the number had increased by 3%.
The numbers helped boost expectations that the economy and labor market are strong, as the Federal Reserve signaled it intends to move forward with its policy easing cycle after last week's big interest rate cuts.
Future of personal consumption and PCE data
Investors may be closely monitoring the latest consumer spending and inflation data, which could offer a glimpse into the health of the U.S. economy as the Federal Reserve approaches further rate cuts expected later this year.
Personal spending, which accounts for more than two-thirds of economic activity, is expected to grow by 0.3% in August, slowing from 0.5% in the previous month.
Meanwhile, economists expect the personal consumption expenditures (PCE) price index, which Fed officials use as a gauge of inflation, to rise 0.2% month over month in August, matching July's pace. On a year-over-year basis, this number is expected to fall from 2.5% to 2.3%.
Excluding volatile items such as food and fuel, the PCE price index is expected to remain at the same level as July, at 0.2% month-on-month, and increase slightly on an annualized basis from 2.6% to 2.7%.
European stocks rise to record highs
European stock markets hit record highs in Friday morning trading, boosted by China-led gains in Asia.
Reports that China is considering a new stimulus package, on top of a recent package of aid measures aimed at stabilizing its ailing economy, pushed the country's stocks to their best week since 2008.
European luxury goods stocks, which derive much of their revenue from sales in China, also rose. shares of luxury fashion groups such as LVMH; kering (EPA:), Hermès, Hugo Boss and Burberry rose, as did auto stocks.
oil becomes intermittent
Oil prices edged higher on Friday as traders assessed China's economic stimulus plan and prospects for increased production from Libya and the OPEC+ oil group.
As of 6:47 ET, futures were up 0.3% at $71.30 per barrel, while U.S. West Texas Intermediate crude oil futures were up 0.4% at $67.94 per barrel.
In Libya, rival factions vying for control of the country's central bank agreed on Thursday to end a conflict that has disrupted the country's oil production and exports. Analysts cited by Reuters suggested more than 500,000 barrels per day (bpd) of Libyan supplies could return to the market.
Elsewhere, the Organization of the Petroleum Exporting Countries, known as OPEC+, and its allies plan to reverse massive production cuts of 180,000 barrels per day currently underway in December.
Investors are weighing the prospect of a massive stimulus package from China announced earlier this week that could boost supply. Analysts cautioned that it remains unclear whether the measures will boost activity in the world's largest oil importer.
