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US stock futures barely budged on Thursday morning ahead of another inflation reading and a slew of earnings.
Futures on the Dow Jones Industrial Average (YM=F), S&P 500 (ES=F), and Nasdaq-100 (NQ=F) moved slightly above the flat line after a calm day on Wall Street.
Cisco (CSCO) and Cerebras (CBRS) shared better-than-expected quarterly results and outlooks, but their reports of robust demand for AI infrastructure weren’t enough to impress Wall Street, which sold the stocks in extended trading. Applied Materials (AMAT), which makes chipmaking equipment, reports results Thursday after the stock has gained a whopping 190% over the past year.
Investors are watching for another inflation reading after Wednesday’s release of the Consumer Price Index showed inflation easing in July. The Producer Price Index, which tracks prices from the sellers’ perspective, could provide another indication of inflation relief on Thursday morning.
Though cooling CPI data prompted traders to fade bets of a September rate hike, it likely wasn’t enough to settle the divide among policymakers, and Fed watchers still expect at least one rate hike by the end of the year.
One key inflation input — oil prices — fell on Thursday as President Trump pivots from an active military campaign to an economic pressure campaign. The Trump administration has stated that the US retains “total control” over the Strait of Hormuz, disputing private data showing low shipping traffic.
Initial jobless claims data is also scheduled for release on Thursday, in a coda to last week’s surprisingly weak jobs report. And earnings from Tapestry (TPR), Dillard’s (DDS), and Birkenstock Holding (BIRK) could give investors insight into how retailers are managing tariff refunds.
