US equity futures rose ahead of Friday's opening bell as traders digested key inflation data.

The Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures rose 0.4%, and Nasdaq futures were up 0.7%.

Oil prices were higher, with front-month global benchmark up 0.2% at $76.01 per barrel and US West Texas Intermediate crude 0.2% higher at $72.88 per barrel.

The Personal Consumption Expenditures price index, released at 8:30 am ET, showed a 0.3% growth in prices, in line with estimates compiled by Bloomberg. The core measure, which is the Federal Reserve's preferred measure of inflation, was also up as expected at 0.2%. Meanwhile, employment costs rose 0.9% on the quarter in Q4, in line with estimates.

Forecasters see the Chicago Purchasing Managers Index, due at 9:45 am ET, coming in at 40.3 in January versus 36.9 previously.

In other world markets, Japan's Nikkei closed 0.2% higher, while the Hong Kong and Chinese markets were closed for holiday. Meanwhile, UK's FTSE 100 rose 0.5%, and Germany's DAX index increased 0.30% in Europe's early afternoon session.

In equities, shares of Novartis (NVS) were 1.2% higher pre-bell after the company reported higher Q4 core earnings and revenue.

On the losing side, Deckers Outdoors (DECK) fell 14% after the company issued fiscal 2025 revenue guidance shy of analysts' estimates.