For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.

Jan 31 (Reuters) - U.S. stock index futures rose on Friday, driven by gains in Apple following a strong sales growth forecast, as investors focused on key inflation data expected later in the day that could influence the Federal Reserve's policy decisions.

Apple AAPL.O gained 3.4% in premarket trading after its earnings on Thursday, when executives forecast relatively strong sales growth, a sign the company would recover from a dip in iPhone sales as it rolls out AI features.

"On the whole, investors appeared reassured by guidance that revenue growth is expected in the low- to mid-single digits in the coming quarter," Deutsche Bank analysts said in a note.

The December personal consumption expenditures price index is due to be released at 8:30 a.m. ET, with headline inflation expected to increase 0.3% month-on-month and 2.6% annually.

Excluding the volatile food and energy components, the PCE price index is expected to rise 0.2%. Annually, it is expected to stay put at 2.8%, according to economists polled by Reuters.

The central bank held interest rates steady in its latest rate decision earlier this week, and Fed Chair Jerome Powell said there would be no rush to cut them again until inflation and jobs data made it appropriate to do so.

Intel INTC.O advanced 2% after the chipmaker posted December-quarter results that beat analysts' low expectations, while its forecast for current-quarter revenue missed estimates.

Oil majors Chevron CVX.N and Exxon Mobil XOM.N are among the major companies scheduled to report quarterly earnings before the bell on Friday.

At 04:51 a.m. ET, Dow E-minis 1YMcv1 were up 131 points, or 0.29%, S&P 500 E-minis EScv1 were up 24.5 points, or 0.4% and Nasdaq 100 E-minis NQcv1 were up 153.5 points, or 0.71%.

The S&P 500 .SPX as well as the Nasdaq .IXIC were set for weekly losses as tech shares suffered a rout earlier this week after Chinese startup DeepSeek unveiled a breakthrough in cheap artificial-intelligence models, triggering a bloodbath in AI-linked stocks.

Microsoft MSFT.O plunged more than 6% on Thursday following a disappointing growth forecast in its cloud computing business, exacerbating broader losses.

Despite this week's volatility, all three major indexes were on track for monthly gains, with the S&P 500 less than 1% from its all-time high, hit last week.

January has been a mixed month for equities in this century, with the S&P 500's returns flat on average since 2000, according to data compiled by LSEG.

Meanwhile, global markets remained vigilant after U.S. President Donald Trump said on Thursday that the United States would impose a 25% tariff on imports from Mexico and Canada, repeating his warning ahead of his previously announced Saturday deadline.

Among other early movers, Deckers Outdoor DECK.N dropped 14.6% after the UGG bootmaker's annual sales forecast raise fell short of investors' lofty expectations after a strong holiday quarter.

Walgreens Boots Alliance WBA.O lost 10.5% after the pharmacy chain operator suspended its quarterly cash dividend amid restructuring efforts.

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja Desai)

((Shashwat.Chauhan@thomsonreuters.com;))