U.S. stocks were pointing to a higher open on Friday amid a deluge of bank earnings, key economic reports and speeches from the Federal Reserve, including an appearance from Chair Janet Yellen at midday.
Oil prices climbed further with global benchmark Brent Crude up 0.27%, and U.S. benchmark West Texas Intermediate up 0.61% after official U.S. data showed a decrease in fuel stockpiles last week while crude stocks grew.
Data released at 8:30 a.m. showed a 0.3% increase in producer prices for September, compared to the 0.2% increase seen by forecasters and after holding steady in August. Retail sales showed a 0.6% increase in September, in-line with forecast and compared to the 0.2% drop seen in August, according to data compiled by Econoday.
At 10:00 a.m., business inventories are expected to increase 0.1% in August following a steady July. Forecasters see preliminary reading for consumer sentiment for October coming in at 92.0, compared to the prior level of 91.2.
Federal Reserve Presidents Eric Rosengren and Loretta Mester and Chair Janet Yellen are scheduled to give speeches in Boston, Cleveland and Boston, respectively.
In equities, Egalet (EGLT) shares fell 3.6% in Friday’s pre-market session after the specialty pharmaceutical company said that the U.S. Food and Drug Administration will not meet the previously announced Oct. 14 prescription drug user fee act (PDUFA) date for Arymo ER.
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