The Labor Department report, due at 8:30 a.m. ET, is expected to show consumer prices climbed 0.5% in January, on a month-over-month basis following a 0.1% rise in December. However, on a year-on-year basis inflation is expected to have eased to 6.2% last month from a 6.5% rise in December.

Markets have had an upbeat start to this year, driven by a renewed interest in growth stocks that were left battered in 2022 as the Fed worked to bring steep prices under control.

However, the rally has stalled recently as signs of a still-tight labor market and hawkish commentary from Federal Reserve policymakers gave way to expectations of the U.S. central bank staying hawkish throughout the year.

A Reuters poll showed that a majority of economists see two more rate hikes in March and May with no cuts by year-end, bringing the majority of private-sector forecasters in line with the central bank's own projections and rhetoric.

Money market traders have priced in at least two more 25 basis point rate hikes this year and see interest rates peaking at 5.18% by July. [0#FEDWATCH]

The yield on the U.S. 10-year Treasury notes slipped from six-week highs hit in the previous session. [US/]

Megacap growth stocks such as Tesla Inc, Microsoft Corp, Apple Inc and Amazon.com Inc rose between 0.1% and 1.3% before the opening bell.

At 7:22 a.m. ET, Dow e-minis were up 38 points, or 0.11%, S&P 500 e-minis were up 10.5 points, or 0.25%, and Nasdaq 100 e-minis were up 51 points, or 0.41%.

Coca-Cola Co rose 0.8% after its strong full-year profit forecast as the soda maker bets on resilient demand despite multiple price hikes.

Marriott International Inc added 1.5% as the U.S.-based hotel operator reported a surge in fourth-quarter earnings as it benefited from strong travel demand.

Nearly 69% of more than half of the S&P 500 firms that have reported results have beaten profit expectations, as per Refinitiv on Friday. However, analysts expect fourth-quarter earnings to fall 2.8% from a year earlier.

(Reporting by Johann M Cherian in Bengaluru; Editing by Maju Samuel)