US stock futures are tracking lower Friday pre-bell as investors await a key inflation report coming out later in the morning amid volatility among tech stocks.

The Dow Jones Industrial Average futures fell 0.7%, S&P 500 futures declined 0.6%, and Nasdaq futures were down 0.6%.

Oil prices were surging higher, with front-month global benchmarks Brent crude rising 2.6% to $72.72 a barrel, while West Texas Intermediate crude was up 2.7% to $66.99 a barrel.

The US Bureau of Labor Statistics will release its producer price index for January at 8:30 am ET, which is a leading indicator for inflation reports. Analysts are expecting the PPI to decelerate to 0.3%, compared with 0.5% the previous month, according to analysts surveyed by Bloomberg.