Market Data 
Investing.com– U.S. stock index futures edged higher Friday, bouncing after a losing session on Wall Street as investors digest strong numbers from chipmaker Broadcom (NASDAQ:) and look forward to a Federal Reserve meeting next week.
At 05:50 ET (10:50 GMT), rose 125 points, or 0.3%, gained 22 points, or 0.4%, and climbed 155 points, or 0.7%.
Stock futures steadied after a negative session on Wall Street, as stronger-than-expected producer price index data sparked uncertainty over the long-term outlook for rates.
For the week, the is heading for a 1.6% decline and the a drop of 0.6%, while the is set to gain 0.2%.
Broadcom soars on AI-fueled guidance
Broadcom will be in the spotlight Friday, after the chipmaker forecast higher-than-expected revenue for the current quarter, citing increased chip demand from growing interest in artificial intelligence.
The upbeat forecast and optimistic comments from executives during the earnings call saw investors largely look past softer-than-expected quarterly revenue.
Its stock jumped 15% premarket to an indicated record high.
Broadcom is trading up over 60% for 2024, having benefited greatly from increased AI-fueled demand for its network equipment, which plays a crucial role in setting up infrastructure for the industry.
Home furnishings company RH (NYSE:) and retailer Costco (NASDAQ:) will also be in focus after reporting their quarterly results after the close Thursday.
Fed meets next week
The economic data slate is largely empty Friday, but the previous session’s stronger-than-expected producer price index inflation data has increased uncertainty over the long-term outlook for rates.
The Federal Reserve holds its last policy-setting meeting for the year next week, and is widely expected to . However, sticky PPI and consumer inflation data have spurred fears that the central bank will adopt a slower pace of cuts in 2025.
Crude heads for weekly gains
Crude prices edged higher Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries.
By 05:50 ET, the US crude futures (WTI) gained 1.1% to $70.78 a barrel, while the Brent contract rose 0.9% to $74.09 a barrel.
Both contracts are on track for a weekly gain of more than 3% following concerns about supply disruption from tighter sanctions on Russia and Iran, after US Treasury Secretary Janet Yellen stated that a weaker global oil market could present a chance for additional action.
The crude market was also boosted by expectations that China’s key policy meeting over the week would result in more stimulus measures, although its conclusion has so far been greeted with relative silence.
This has overshadowed the Organization of the Petroleum Exporting Countries again cutting its forecasts for oil demand growth in 2024 and 2025, and US oil inventories unexpectedly growing more than expected.
(Ambar Warrick contributed to this article.)
