US Stock Index Futures Rise as Oil Prices Fall Ahead of Inflation Data
U.S. stock index futures inched higher on Thursday as crude oil prices fell ahead of producer-price inflation data. The Dow, S&P 500, and Nasdaq futures rose 0.21%, 0.18%, and 0.09% respectively, with the tech-heavy Nasdaq rebounding after a recent slump.
Cisco Systems dropped 5.8% despite forecasting revenue above expectations, while Dell Technologies and HP gained 3.6% and 2.6% after China's Lenovo beat earnings estimates. Meanwhile, Accelerant soared 44% after private equity firm Thoma Bravo agreed to take the company private in an all-cash deal worth over $4 billion.
The market is awaiting July producer prices figures, due at 8:30 a.m. ET, which could influence the Federal Reserve's interest rate path. Analysts at UBS Global Wealth Management said oil volatility remains a risk but does not see higher energy prices as a sustained underlying inflationary pressure.