U.S. stock futures are trading mixed early Thursday as traders await another key inflation figure, the Producer Price Index, today. Global markets are also speculating on the outcome of the Trump-Putin meeting scheduled for August 15. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.05%, 0.03%, and 0.01%, respectively, at 4:35 a.m. EST on August 14.
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In Wednesday’s trading session, major indexes jumped as traders reacted positively to the cooling inflation print. The S&P 500 and the Nasdaq both set new intraday and closing records for the second consecutive day, increasing by 0.32% and 0.14%, respectively. The Dow Jones also saw a significant gain of 1.04%.
Following the tamer-than-expected Consumer Price Index (CPI) data for July, experts are now predicting a 50-basis-point rate cut at the FOMC meeting in September. The possibility of a double rate cut gained traction after Treasury Secretary Scott Bessent voiced his support for the measure.
Turning to the economic reports, markets are eagerly awaiting Thursday’s Producer Price Index (PPI) data for further clues on wholesale inflation. The index is expected to show a 0.2% month-over-month increase and a 2.5% year-over-year increase for July. Additionally, data on initial jobless claims for the week ending August 9 will be released today, offering insights into the health of the U.S. labor market.
As the earnings season draws to a close, notable companies Deere (DE), Tapestry (TPR), and JD.com (JD) are set to report their quarterly results today.
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 4.21%. WTI crude oil futures were trending higher, hovering near $62.83 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,390 per ounce on Thursday.
Elsewhere, European stocks opened mostly higher as traders worldwide speculate on the outcome of the Trump-Putin meeting scheduled for August 15. Moreover, the UK economy grew more than expected, rising 0.4% in June, in contrast to a 0.1% contraction in May. Traders are also awaiting the U.S. Producer Price Index (PPI) inflation reading.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded mostly lower today as traders speculated on a potential U.S. Federal Reserve rate cut.
Hong Kong’s Hang Seng index dropped 0.37%. In China, the Shanghai Composite index fell 0.46%, while the Shenzhen Component declined by 1.25%. Japan’s Nikkei fell 1.45% and the Topix lost 1.10%, erasing the gains from the previous day’s rally.