Investing.com - U.S. stock futures pointed higher on Friday, with investors pouring through fresh tariff threats from U.S. President Donald Trump and a raft of tech earnings, including iPhone-maker Apple (NASDAQ:AAPL). Meanwhile, a key gauge of inflation that is closely followed by the Federal Reserve is scheduled to be released, with markets trying to determine the possible path ahead for central bank's monetary policy this year.
1. Futures higher
U.S. stock futures inched higher on Friday, as traders assessed renewed tariff threats from U.S. President Donald Trump and parsed through a batch of earnings from major technology companies.
By 03:39 ET (08:39 GMT), the Dow futures contract had ticked up by 88 points or 0.2%, S&P futures had risen by 23 points or 0.4%, and Nasdaq 100 futures had advanced by 155 points or 0.7%.
The main averages on Wall Street climbed in the prior session despite equities paring back some earlier gains following fresh tariff comments from U.S. President Donald Trump (more below). An upbeat outlook from electric vehicle giant Tesla (NASDAQ:TSLA) helped to offset software titan Microsoft's (NASDAQ:MSFT) disappointing guidance for its all-important cloud computing unit.
Investors were also mulling over statements from executives at Microsoft and Facebook-owner Meta Platforms (NASDAQ:META) about the emergence of a low-cost artificial intelligence model from Chinese start-up DeepSeek, which roiled global stock markets earlier this week.
2. Trump's fresh tariff threats
Trump has told reporters he would follow through on an earlier threat to slap 25% import tariffs on Canada and Mexico on February 1, arguing that the move was designed to stem the flows of illegal migrants and fentanyl into the U.S.
He also suggested that he was still planning to place additional levies on China, although he did not provide more details.
In a later post on Truth Social, Trump warned members of the so-called BRICS group of countries -- Brazil, Russia, India, China and South Africa -- that they could face 100% duties if they attempt to replace the U.S. dollar as a reserve currency, reiterating a prior threat made in late November.
Markets have been on edge in recent days as Trump weighs his tariff options.
Although he has so far opted not to impose universal levies since his return to the White House, he has threatened actions against specific economies. Some economists have flagged that the tariffs could refuel inflationary pressures in the U.S. and spark a broader trade war -- increasing uncertainty for both businesses and investors.
3. Apple's iPhone outlook
Shares in Apple were higher in extended hours trading, rebounding from an initial dip following the iPhone maker's latest quarterly results.
Executives at the company said the group now expects sales to grow in the low- to mid-single digits in its fiscal second quarter. The guidance surpassed expectations and pointed to momentum in demand for the iPhone, Reuters reported, citing analysts.
The rosier outlook helped to assuage some worries around sales for Apple's flagship handset, which dropped marginally and missed estimates in its key holiday shopping quarter, due in part to the firm's new AI features not being available in some markets. Still, CEO Tim Cook said the enhancements, known as Apple Intelligence, are boosting sales.
Apple has taken a more cautious approach to AI compared to its Silicon Valley peers, choosing not to spend heavily on building out data centers. The strategy seemed to help insulate the stock during the DeepSeek-inspired market turmoil earlier this week, which led to steep drops in other Big Tech shares.
Economists predict the inflation metric will come in at an annualized pace of 2.6% and 0.3% month-on-month, both faster than previous readings of 2.4% and 0.1%.
The "core" measure, meanwhile, is seen at 2.8% year-on-year, matching November's rate, and edging up to 0.2% from 0.1% on a monthly basis.
Policymakers at the Federal Reserve will likely be assessing the figures as they attempt to gauge the future path of inflation in the world's largest economy. On Wednesday, the Fed left interest rates unchanged at a range of 4.25% to 4.5% and signaled that they would take a wait-and-see attitude to potentially slashing borrowing costs this year, with officials noting lingering uncertainties around the broader economic outlook.
5. Crude set for weekly losses; gold near record peak
Oil prices edged higher Friday, but were set for weekly losses as traders fretted over the prospect of trade tariffs under President Trump.
By 03:40 ET, the US crude futures (WTI) gained 0.2% to $72.88 a barrel, while the Brent contract rose 0.1% to $75.99 a barrel.
For the week, Brent is set to fall 1.6% while WTI has declined 1.8%. However, for the month of January, Brent is set to gain around 3%, its best month since June, and WTI is poised to climb 2.1%.
Elsewhere, gold prices hovered around a record peak as investors eyed Trump's tariff comments and cautiously awaited the upcoming U.S. inflation report.
