Stock Futures Slightly Lower Ahead of Key Inflation Data Release

Stock futures are slightly lower Thursday ahead of the release of closely watched inflation data, as the market looks to extend a rally that has sent major indexes to new highs.

Futures tied to the Dow Jones Industrial Average and S&P 500 were down 0.1%, while those linked to the Nasdaq Composite were off 0.2%. The major indexes rose on Wednesday for the second straight day, with the Dow and S&P 500 hitting record closing highs, as stocks continued rebounding from an early-week selloff.

Investors are awaiting the release of the monthly consumer price index report, scheduled for 8:30 a.m. ET, as they seek further confirmation that the economy is on sound footing, while also looking for clues about how aggressive the Federal Reserve will be as it cuts interest rates. 

The Fed cut its benchmark rate last month for the first time in four years and has said that more cuts are coming, though data on inflation and the labor market will drive decision-making on the pace and depth of the easing. Weekly jobless claims numbers could also drive market sentiment this morning.

The yield on 10-year Treasurys, which is sensitive to expectations for interest rates, rose to 4.09% from 4.07% yesterday and was at its highest level since early August.

Among stocks on the move before the bell, Delta Air Lines (DAL) was down about 3% after a disappointing earnings report. Other airlines, including United (UAL), American (AAL) and Southwest (LUV) also fell.

Big-name technology stocks were mixed in premarket trading.  AI investor favorite Nvidia (NVDA) and Amazon (AMZN) were slightly higher, while Microsoft (MSFT) was flat and Apple (AAPL), Meta Platforms (META) and Alphabet (GOOGL) were down slightly.

Tesla (TSLA) was up about 1% ahead of the EV maker’s eagerly anticipated robotaxi event this evening. Shares of Advanced Micro Devices (AMD) were also gaining ground ahead of the chipmaker’s ‘Advancing AI’ event today.

Crude oil futures were up about 1% after slumping for two straight days, while gold futures were little changed at around $2,630 an ounce and bitcoin was up slightly at around $61,200.