Stock market news live updates: Stock futures rise as Wall Street heads for winning week

U.S. stock futures resumed gains early Friday after a rally fueled by lighter-than-expected inflation data this week temporarily hit a lull in the previous trading session.

Contracts on the S&P 500 climbed 0.4%, with the benchmark index on pace for a fourth straight winning week. Futures tied to the Dow Jones Industrial Average added 100 points, or roughly 0.3%. Futures on the technology-heavy Nasdaq composite advanced 0.4%.

Electric-vehicle maker Rivian Automotive (RIVN) was on watch after the company on Thursday reported a wider-than-expected loss for the second quarter but maintained its production outlook for the rest of the year. Shares edged 2% higher in pre-market trading after initially stumbling following the results.

Apple (AAPL) shares ticked up following a Bloomberg News report that indicated the tech giant expects to sustain iPhone sales in 2022 despite a market slowdown. The company projects it will assemble roughly 220 million iPhones in total this year, per Bloomberg, which cited people familiar with the matter. Apple’s sales and production expectations are typically a closely-guarded secret.

An employee arranges Apple iPhones as customer shop at the Apple Store on 5th Avenue shortly after new products went on sale in Manhattan, in New York City, New York, U.S., March 18, 2022. REUTERS/Mike Segar

Economic data in recent days has reassured investors that inflationary pressures are beginning to cool across the economy after climbing at a steady pace since early 2021. The producer price index (PPI) on Thursday showed prices fell 0.5% from the prior month compared to expectations of a 0.2% increase. On Wednesday, the consumer price index (CPI) showed prices stayed flat over the month and rose a less-than-expected 8.5% annually.

“The fact we’re starting to see energy prices come down, that might be a sign of what is more to come for other inflation indicators,” iCapital Network Chief Investment Strategist Anastasia Amoroso told Yahoo Finance Live. “We’re starting to chip away at this inflation issue, and that’s a big catalyst for the markets.”

CPI data on Wednesday showed the gasoline index fell 7.7% month-over-month in July – the largest drop since April 2020 – as gas prices fall over the past 59 days to dip below $4 a gallon for the first time since March on Thursday, data from AAA showed.

Investors have more data on the docket Friday, with import prices due out at 8:30 a.m. ET. and the University of Michigan’s consumer sentiment survey set for release at 10:00 a.m. ET.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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