U.S. equity futures looked to continue the rally in stocks that was sparked on Thursday following a better-than-expected inflation report.
The major futures indexes suggest a rise of 0.7% or a gain of more than 150 points on the Dow, the day after that index soared 1,200 points.
It was the biggest one-day gain for the Dow in more than two years.
Inflation cooled more than expected in October, but consumer prices remained near a multi-decade high, continuing to squeeze millions of U.S. households and small businesses.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in October from the previous month. Prices climbed 7.7% on an annual basis.
Those figures were both lower than the 8% headline figure and 0.5% monthly increase forecast by Refinitiv economists.
The yield on the 10-year Treasury, which helps set rates for mortgages rates for mortgages and other loans, was at 3.81% on Friday.
Oil prices gained Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes.
Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.
U.S. West Texas Intermediate (WTI) crude futures traded around $87.00 a barrel.
Brent crude futures traded around $94.00 a barrel.
On Wall Street, the S&P 500 gained to 3,956.37, propelled by big gains for tech heavyweights. Amazon soared 12.2%, Apple rose 8.9% and Microsoft climbed 8.2%.
The Dow Jones Industrial Average gained 3.7%, or more than 1,200 points, to 33,715.37.
The Nasdaq composite, dominated by tech stocks, shot up 7.4% to 11,114.15 for its best day since March 2020,
Asian stock markets surged Friday.
The Nikkei 225 in Tokyo gained 2.9%, Hong Kong’s Hang Seng index soared 7.7% and China’s Shanghai Composite Index added 1.7% after the ruling Communist Party promised to alter quarantine and other anti-virus tactics to reduce the cost of China’s severe “zero-COVID” strategy, according to the Associated Press.