Investors turned to a preliminary reading of U.S. consumer sentiment and remarks from a Federal Reserve official on Friday, weighing fresh signals on growth and inflation after a week of uneven economic data.

The University of Michigan's preliminary July sentiment index was due at 10 a.m. Eastern, complementing retail-sales and inflation figures released earlier in the week. Softer-than-expected price data had buoyed stocks midweek, easing fears that sticky inflation would keep the Fed on hold.

Federal Reserve Vice Chair Philip Jefferson was scheduled to speak, with markets listening for any read on the labor market, the inflation trajectory and the path of interest rates. The central bank is operating under a data-dependent approach as it weighs when, and by how much, to adjust policy.

Beneath the index moves, the session carried crosscurrents. Chip and semiconductor shares swung on debates over AI valuations, while oil prices spiked — Brent rose more than 5% at one point — after the United States revoked an Iranian oil-sales license, rekindling supply concerns.

Earnings offered a mixed backdrop. Truist Financial reported quarterly results before the open, the latest in a season that has so far shown resilience across banks and pockets of technology. Stronger supplier earnings from the chip supply chain contrasted with broader caution on valuations.

The Dow Jones Industrial Average had pushed above 53,000 earlier in the month on AI optimism before rotating out of semiconductors. Whether soft data and patient policy keep the rally intact will depend on the signals delivered Friday.

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