As the spotlight focuses on another bout of inflation data, stock index futures are navigating turbulent waters on Friday morning.

The early hours see the Nasdaq futures (NDX:IND) taking the lead in a downward trajectory by 0.3%. Meanwhile, the S&P futures (SPX) are also in the red by 0.1%. On the other hand, Dow futures (INDU) are treading higher by 0.1%.

Turning our gaze towards the Treasury market, yields are surging ahead, with the U.S. 2 Year Treasury yield (US2Y) making a notable leap of 13 basis points to 4.71%. At the same time, the U.S. 10 Year Treasury yield (US10Y) is climbing up by 8 basis points to 4.32%.

It’s a case of watching the ripples spread through the entire yield curve.

In other news, the producer price index data sprung a surprise, as it rose more than anticipated in January. PPI made a 0.3% advance, compared to the expected 0.1% increase.

Commenting on the situation, Mohamed A. El-Erian remarked, “Like the CPI data, US PPI #inflation just came in hotter than expected. Month-on-month, the PPI rose by 0.3% in January (0.5% for core), above the consensus forecast of 0.1%, as the 0.6% increase in services offset the 0.2% fall in goods.”

Adding to the mix, housing starts and building permits data also made their entrance. January housing starts experienced a -14.8% monthly decline to 1.331M, falling short of the forecasted level of 1.470M. Additionally, building permits arrived with a -1.5% monthly dip to 1.470M, missing the projected 1.510M figure.

Post the opening bell, consumer sentiment data is set to reverberate through the markets. At present, Wall Street anticipates a reading of 80, representing a slight uptick from the previous reading of 79.

Beyond the numbers, delve into some of the major movers shaking up Wall Street’s trading day here.