Investing.com – After Wall Street closed with solid gains on Thursday, U.S. stock futures pointed to a higher open on the last day of the week as investors waited for key data points reflecting the strength of the world’s leading economy and kept an eye on both the rebound in crude and comments coming from central bankers at the G20 finance meeting.
The blue-chip Dow futures rose 83 points, or 0.50%, by 12:10GMT, or 7:10AM ET, the S&P 500 futures gained 11 points, or 0.54%, while the tech-heavy Nasdaq 100 futures traded up 28 points, or 0.67%.
Stocks continued to move in tandem with oil prices with the latter apparently taking optimism from reports that the reports that Saudi Arabia, Qatar, Venezuela and Russia will meet in March to discuss capping crude oil production.
Nevertheless, black gold moved off session highs as the global supply glut persisted. Crude oil futures for April delivery jumped 0.82% to $33.34 at 12:10 GMT or 7:10AM ET, while Brent oil traded up 0.91% to $35.61.
On the macro front, traders will focus on the publication of the second estimate for Q4 GDP at 13:30GMT or 8:30AM ET. Analysts forecast the data to be revised down to 0.4% growth from the prior quarter, compared to the initial reading of 0.7%.
At the same time, investors will also take note of consumer behavior with Department of Commerce’s personal spending data for January. Consensus expected the data to show a 0.3% rise compared to the flat reading in December.
Furthermore, U.S. consumer sentiment will be reported at 15:00GMT or 10:00AM ET.
Additionally, investors await possible clues to future moves by the Federal Reserve. Several central bank officials are all scheduled to speak throughout the day and market players will pay close attention for comments on the state of the US economy or the possibility of changes in interest rates.
Both Fed governor Jerome Powell and San Francisco Fed chief John Williams will speak at 15:15GMT or 10:15AM ET, while Fed governor Lael Brainard was scheduled for a speech at 18:30GMT or 13:30ET.
On the business front, JC Penney Company Inc Holding (N:JCP), Foot Locker (N:FL) and Sotheby`s (N:BID)will report earnings.
Elsewhere, both Chinese and Japanese stock markets closed higher as People's Bank of China Zhou Xiaochuan said at the G20 finance meeting that the Asian giant has more room and tools to combat the economic slowdown and Bank of Japan governor Harihuko Kuroda also left the door open to more easing as he stated in a parliamentary session that it was “technically possible” to take a key rate further into negative territory.
In Europe, although off session highs, stocks still posted solid gains. The EURO STOXX 50 jumped 1.52%, France’s CAC 40 traded up 1.36%, while Germany’s DAX 30 rallied 1.46%.