The major U.S. index futures are currently pointing to a higher open on Friday, with stocks likely to move to the upside following the mixed performance seen in the previous session.

The futures remained firmly positive following the release of a highly anticipated Commerce Department report showing consumer prices in the U.S. crept up in line with economist estimates in the month of June.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in June after coming in unchanged in May. The uptick by the index matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.5 percent in June from 2.6 percent in May. The slowdown in year-over-year growth also met estimates.

Meanwhile, the Commerce Department said the core PCE price index, which excludes food and energy prices, rose by 0.2 percent in June after inching up by 0.1 percent in May. Economists had expected another 0.1 percent uptick.

The annual rate of growth by the core PCE price index was unchanged from the previous month at 2.6 percent in June, while economists had expected the pace of growth to slow to 2.5 percent.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report showed personal income rose by less than expected, while personal spending increased in line with economist estimates.

The markets may also benefit from bargain hunting after the tech-heavy Nasdaq and the S&P 500 fell to their lowest closing levels in over a month on Thursday.

U.S. stocks saw some heavy selling in the final hour of the session on Thursday as the mood turned a bit cautious amid concerns about mega-cap firms’ earnings.

Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.2 percent to close at 39,935.07, a long way down from the day’s high of 40,438.82. The S&P 500, which advanced to 5,491.59, ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.5 percent.

The Nasdaq ended with a loss of 160.69 points or 0.9 percent at 17,181.72, coming off a high of 17,544.46.

Stocks gained in strength earlier in the session thanks to data showing a sharper than expected acceleration in U.S. economic growth in the second quarter.

A report released by the Commerce Department showed real gross domestic product in the U.S. surged by 2.8 percent in the second quarter after jumping by 1.4 percent in the first quarter. Economists had expected GDP to increase by 2 percent.

The Commerce Department said the GDP growth primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment.

Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending, the Commerce Department said.

On the inflation front, the report said the personal consumption expenditures price index increased 2.6 percent in the second quarter compared with an increase of 3.4 percent in the first quarter.

Excluding food and energy prices, the PCE price index increased 2.9 percent in the second quarter compared with an increase of 3.7 percent in the first quarter.

A separate report from the Commerce Department said durable goods orders plunged by 6.6 percent in June after inching up 0.1% in May. Economists had expected durable goods orders to rise by 0.3 percent.

A report from the Labor Department showed initial jobless claims fell to 235,000 in the week ended July 20th, a decrease of 10,000 from the previous week’s revised level of 245,000.

Economists had expected jobless claims to dip to 238,000 from the 243,000 originally reported for the previous week.

Among the major losers in the session, Microsoft Corporation, Nvidia Corporation, Alphabet, Meta Platforms, Advanced Micro Devices, Intel Corporation, Micron Technology and Analog Devices ended down 1.4 to 4 percent.

Eli Lilly and Company ended down 4.5 percent. Honeywell International dropped 5.2 percent, Abbott Laboratories, Texas Instruments and Qualcomm Inc. also ended notably lower.

Tesla, Exxon Mobil Corporation, Johnson & Johnson, Home Depot, Abbvie Inc., Chevron Corporation, Salesforce.Inc., Thermo Fisher Scientific, Danaher Corporation, GE Aerospace, Blackstone, Philip Morris International, Caterpillar, Morgan Stanley, Goldman Sachs, Citigroup, Bank of America, Boeing Company and ADP ended with strong gains.

IBM rallied 4.3 percent. The company’s bottom line totaled $1.83 billion or $1.96 per share in the second quarter, compared with $1.58 billion or $1.72 per share in last year’s second quarter.