Investing.com -- Investors attempt to parse out the implications of softer-than-expected U.S. inflation data, with the July producer price index set to be released later on Friday. Elsewhere, News Corp sounds off on its generative artificial intelligence plans, while the Supreme Court places a temporary block on OxyContin-maker Purdue Pharma's $6 billion bankruptcy settlement.
1. Futures mixed ahead of producer price data
U.S. stock futures were mixed Friday, as traders digested cooler-than-anticipated U.S. inflation data and looked ahead to the release of a monthly measure of producer price growth later in the session.
By 05:21 ET (09:21 GMT), the Dow futures contract added 32 points or 0.09%, S&P 500 futures were mostly unchanged, and Nasdaq 100 futures slipped by 19 points or 0.12%.
Underpinning sentiment heading into the last day of trading this week was Thursday's U.S. consumer price index, which showed that annual headline inflation in the world's largest economy rose by less than expected in July. On a monthly basis, the reading increased by 0.2% for a second straight month, bolstering projections that the Federal Reserve may soon back away from its long-running campaign of interest rate hikes.
More detail will likely be added to the inflation picture today with the publication of the producer price index for last month. Economists estimate that the figure, which gauges the selling prices received by domestic producers, accelerated to 0.7% annually and 0.2% monthly in July. The core number, which removes food and energy, is seen picking up the pace slightly to 0.2% month-on-month, but slowing marginally to 2.3% year-on-year.
2. News Corp eyes AI
Media mogul Rupert Murdoch's News Corp (NASDAQ:NWSA) saw revenue
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