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Stock futures edged higher Thursday as oil prices declined and traders awaited more inflation data. Wall Street also weighed a slew of fresh earnings reports.
Futures for the Dow Jones Industrials surged 112 points, or 0.2%, to 53,983.
Futures for the S&P 500 moved higher 14 points, or 0.2%, to 7,784.50
Futures for the NASDAQ Composite captured 28.25 points, or 0.9%, to 29,881.50.
Cisco Systems, Cerebras and Coherent all moved lower in premarket trading after earnings updates overnight. Cerebras plummeted 17.4% ahead of the opening bell, while Cisco was down 5.9%. Coherent was 5.1% lower.
Wall Street will get another look at U.S. inflation on Thursday with the July reading of the U.S. producer price index — which gauges what wholesalers pay for raw goods and materials — set for release at 8:30 a.m. ET. Economists polled by Dow Jones expect an increase of 0.2% from the prior month.
The PPI report comes a day after an in-line reading on the consumer price index.
CPI for July increased by 0.1% month over month, matching expectations. The tame report gave the S&P 500 a boost, with the benchmark closing higher for the first time in three sessions. The report led to traders paring expectations for a rate hike in September.
In Japan, the Nikkei 225 index jumped 1.2%, while in Hong Kong, the Hang Seng slipped 0.2%.
Oil prices reversed $1.86 to $81.41 U.S. a barrel.
Gold prices fell $18.60 to $4,448.9.40 U.S an ounce.
