Wall Street set to open higher as data dims rate hike chances

U.S. stocks looked set to open slightly higher on Friday as June consumer price index data indicated benign inflation that could test Fed`s resolve to raise interest rates for a third time this year, while investors parsed earnings reports from big banks.

Shares of JPMorgan Citigroup and Wells Fargo were lower in premarket trading, after the banks released mixed earnings reports.

Analysts estimate second-quarter earnings for S