Futures are rallying

US stock futures were rallying on Friday morning ahead of a dump of important economic data.

Near 8:10 a.m. ET, Dow futures were up 78 points, S&P 500 futures were up 8 points, and Nasdaq futures rose 27 points, all by less than 0.5%.

It’s a busy morning for economic data, as the second estimate of fourth-quarter gross domestic product (GDP), personal consumption expenditures (PCE), and consumer-confidence data are released. These will give everyone an updated perspective on how the economy is faring, amid all the debate over whether a slowdown is materialising.

Elsewhere, the People’s Bank of China governor Zhou Xiaochuan said there is room for more monetary-policy stimulus to address downside risks. This was encouraging for markets, since China’s economy has been one of the big concerns weighing on sentiment of late.

Stocks rallied Thursday, with the Dow gaining 212 points at the close.

At 1 p.m. ET, oil driller Baker Hughes will report its weekly count of oil and gas rigs. West Texas Intermediate crude futures rose nearly 2% to as high as $33.89 per barrel.

After the closing bell, we’ll get earnings results from Berkshire Hathaway, preceding CEO Warren Buffett’s annual letter to shareholders on Saturday.

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