U.S. stock futures rise, with investors looking ahead to fresh inflation data and eyeing possibly easing geopolitical and trade tensions. The Federal Reserve’s preferred gauge of price gains is due out during the session, as policymakers remain wary of the potential impact of U.S. tariffs on the broader economy. Meanwhile, Nike (NYSE:NKE) shares spike in extended hours trading after the athletic apparel retailer unveils an upbeat forecast and outlines plans to shift some production out of China and into the United States.

By 03:33 ET (07:33 GMT), the Dow futures contract had risen by 149 points, or 0.3%, S&P 500 futures had gained 20 points, or 0.3%, and Nasdaq 100 futures had risen by 87 points, or 0.4%.

The main averages on Wall Street advanced in the prior session, buoyed by an ongoing truce between Israel and Iran which began earlier this week and has soothed concerns that the conflict would spill out across the Middle East.

Sentiment received an additional boost when a White House official said the U.S. had forged an agreement with China over how to expedite the shipment of rare earths materials that are crucial to a range of industries. Meanwhile, White House Press Secretary Karoline Leavitt suggested that President Donald Trump could extend his 90-day reciprocal tariff pause beyond a self-imposed deadline early next month.

Reports that Trump was playing with the idea of possibly naming a replacement to Federal Reserve Chair Jerome Powell in September or October, potentially with someone more dovish on borrowing costs, also heightened expectations there will be a "shadow" central bank chair during the final months of Powell’s tenure. The already-beleaguered U.S. dollar received a further knock, falling to a near 3-1/2-year low and heading towards its largest weekly loss in more than a month.

"There have been two favorable macro developments in recent days, including the dovish pivot in the Fed narrative and the reduction in geopolitical risk," analysts at Vital Knowledge said in a note.