US STOCKS-Futures lower as investors await economic data
* Futures down: Dow 28 pts, S&P 5 pts, Nasdaq 10 pts
By Tanya Agrawal
Aug 14 (Reuters) - U.S. stock index futures were lower on Friday ahead of the release of a raft of economic data that could give a clearer idea of when the Federal Reserve will raise interest rates.
** The Dow and the S&P 500 were on track to post slight gains for the week, but the Nasdaq was poised to close lower in a choppy week that saw China devalue its currency, hitting markets and derailing predictions of a rate hike.
* U.S. crude oil fell to its lowest in almost 6-1/2 years on Friday as huge stockpiles and refinery shutdowns heightened concerns about global oversupply and the Chinese economy.
* As concerns regarding China abate for the time being, investors turn their focus on a raft of data scheduled for release on Friday.
* U.S. factory output is expected to have advanced 0.4 percent in July, compared to a 0.1 percent drop in June. The Fed is expected to say industrial output increased 0.3 percent last month. The data is expected at 9:15 a.m. ET (1315 GMT).
* The University of Michigan will issue consumer sentiment data for August at 10 a.m. ET. Economists forecast the number to come in at 93.5 from last month's 93.1.
* Most traders and economists are expecting a September rate hike, but macro concerns have prompted some to argue that the Fed may wait until December to hike interest rates for the first time in nearly a decade. Continuación...