US stock futures rose on Friday ahead of an inflation reading key to Federal Reserve policy, as investors weighed signs of slowing in the US economy and absorbed the fallout of the Biden-Trump debate.

S&P 500 futures (ES=F) advanced roughly 0.4% after the benchmark closed a step nearer to its record high. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also 0.4% higher, while Dow Jones Industrial Average futures (YM=F) hovered above the flatline.

The gauges are eyeing an upbeat end to a bumpy week that saw the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) come back from a three-day losing streak. While stocks are set to book a stellar first half as they head into the last trading day of June, those wobbles have fanned fears of a pullback in the rest of the year.

With November's US election high on the list of risks, investors took note of President Joe Biden's weak showing in his first debate with Donald Trump. The former president's promised tax cuts and trade clampdown are seen as likely to boost stocks. Shares in Trump Media & Technology Group (DJT) jumped in pre-market trading.

The marquee event on Friday is the release of May's Personal Consumption Expenditures price index, the Fed's preferred inflation measure. After a batch of data on Thursday revealed more cracks in economic growth, investors are watching for a cooling that could prompt the Fed to start cutting interest rates. The report is expected to show the lowest monthly rise in "core" PCE — which strips out food and energy prices — since November.

Meanwhile, the market is on alert for more signs that consumer resilience is losing steam, as key companies flag downbeat prospects for sales. Nike (NKE) stock sank almost 15% in pre-market trading, while Walgreens (WBA) shares stayed under pressure on the heels of Thursday's 22% tumble.