U.S. stock futures edged higher early Thursday as traders awaited the release of August Consumer Price Index (CPI) data, following an unexpected decline in the Producer Price Index (PPI) for the same month.
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Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.25%, 0.16%, and 0.10%, respectively, at 4:30 a.m. EST on September 11.
During Wednesday’s regular trading session, the S&P 500 and the Nasdaq Composite closed at all-time highs, up 0.30% and 0.03%, respectively, while the Dow Jones slipped 0.48%.
The surge in the SPX was led by a sharp rally in software giant Oracle (ORCL) shares and cooler-than-expected producer price inflation data, which boosted hopes of a potential rate cut later this month. Oracle’s stock rally also lifted founder Larry Ellison’s net worth by $100 billion in a single day. It also led AI-related stocks higher, including Broadcom (AVGO), AMD (AMD), and Micron (MU).
On the economic front, traders are focused on today’s CPI figures, with experts predicting a 0.3% month-over-month increase in both headline and core inflation (excluding food and energy). On an annual basis, headline inflation is expected to rise by 2.9%, while core inflation is projected to grow by 3.1%. Traders will also be watching for new data on initial jobless claims for the week ending September 6 and the release of the federal monthly budget statement.
Turning to the earnings calendar, quarterly reports from Adobe (ADBE) and Kroger (KR) are scheduled for release today.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.06%. WTI crude oil futures were trending lower, hovering near $63.52 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,665 per ounce on Thursday.
Elsewhere, European stocks opened higher on September 11 as markets awaited the latest interest rate decision from the European Central Bank (ECB), with experts predicting the key refinancing rate to be left unchanged at 2.15%.
Asia-Pacific Markets Traded Higher Today
Asia-Pacific markets were mostly higher on Thursday as investors awaited the release of U.S. consumer inflation data.
Hong Kong’s Hang Seng index dropped 0.43%. In China, the Shanghai Composite rose 1.65%, and the Shenzhen Component added 2.63%. Meanwhile, Japan’s Nikkei advanced 1.22%, and the Topix climbed 0.22%.
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