Futures Flat as US Investors Eye August PPI and Interest Rates
US stock futures were relatively flat on Thursday, September 10, as investors awaited the release of the August producer price index (PPI) for clues on inflation and interest rates. The S&P 500 futures rose 0.1%, while Dow Jones Industrial Average futures gained 99 points, or 0.2%. In contrast, Nasdaq-100 futures fell by 0.4%.
The August PPI is expected to show a 0.3% month-on-month increase and a 5.3% rise from a year earlier, according to the Dow Jones consensus.
Higher Treasury yields have added pressure on equities, with the 10-year yield reaching 4.857%, its highest level since November 2023, and the 30-year yield rising to 5.30%. Oil prices also surged amid escalating tensions between the US and Iran, with Brent crude settling at $101.21 a barrel and West Texas Intermediate gaining 3.3% to $96.05.
Apple shares gained 1% in premarket trading as investors reacted to new product launches, including the $2,000 foldable iPhone Duo. Oracle earnings are scheduled for release after the market close, with its shares down 17% so far this year due to concerns over capital spending and leverage. Macy's shares fell by more than 2%, despite reporting better-than-expected second-quarter revenue and raising full-year guidance.