* 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.
* Wall Street had ended flat on Thursday as a drop in energy shares offset a rebound in retail sales and Cisco’s stronger-than-expected results.
* With the second-quarter earnings season almost at a close, Corporate America’s profit is estimated to have increased 1.2 percent, while revenue is expected to have slipped 3.5 percent, according to Thomson Reuters estimates.
* King Digital’s shares slumped 11.1 percent to $13.51 in premarket trading after the Candy Crush maker reported disappointing gross bookings numbers.
* Apple slipped 0.3 percent to $114.79 after Bloomberg reported that the iPhone maker will delay its live TV service to at least next year.
Futures snapshot at 6:54 a.m. ET:
* S&P 500 e-minis were down 4.5 points, or 0.22 percent, with 108,361 contracts traded.
* Nasdaq 100 e-minis were down 10.25 points, or 0.23 percent, on volume of 16,282 contracts.
* Dow e-minis were down 28 points, or 0.16 percent, with 13,219 contracts changing hands. (Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D‘Souza)