US stock futures remained steady on Thursday as Wall Street anticipated new consumer inflation data that could shape expectations for interest rate adjustments this year. S&P 500 futures increased by 0.1%, while those linked to the Nasdaq 100 rose by 0.2%. In contrast, contracts for the Dow Jones Industrial Average remained largely unchanged following a relatively muted yet record-setting session the previous day.
On Wednesday, the S&P 500 and the Nasdaq Composite achieved new record highs, buoyed by Oracle’s latest earnings report, which instilled confidence in the ongoing artificial intelligence rally, resulting in a significant increase in the company’s stock. Additionally, a cooler-than-expected reading on wholesale inflation helped maintain the market’s optimism regarding potential Federal Reserve rate cuts.
The final inflation data set to be released before the Fed’s September 19 meeting is anticipated to be unveiled Thursday morning. The August Consumer Price Index (CPI), scheduled for 8:30 a.m. ET, is projected to reveal persistent inflationary pressures, with particular attention being paid to the influence of President Trump’s tariffs on pricing. However, analysts believe the CPI report may not be strong enough to alter the Fed’s likely decision to cut rates, especially given the pronounced slowdown in the labor market.
Market projections indicate a 92% likelihood of a 25 basis point cut during the Fed’s upcoming meeting, with an 8% chance of a more substantial half-point reduction. As a result, the US Department of Labor’s weekly jobless claims data becomes particularly significant for investors this week.
In corporate news, Kroger and Adobe are set to disclose their latest results, with expectations running high for insights that could affect the market’s outlook.
