American stock futures posted gains early Thursday as crude oil prices retreated and bond yields eased, providing temporary relief to markets bracing for critical inflation data. S&P and Nasdaq futures both climbed 0.6% as of 8:00am Eastern Time, with major technology stocks leading the advance.
Oracle emerged as the morning’s standout performer. The software giant surged 7% in premarket trading after reporting cloud infrastructure revenue that jumped 121% to reach $7.4 billion, crushing analyst expectations on the back of surging artificial intelligence demand. Microsoft also drew attention with plans to more than triple its data center capacity to address computing bottlenecks.
West Texas Intermediate crude fell 3% overnight following reports that Gulf states are considering talks with Iranian officials about the Strait. Still, oil remains on track for an 8% weekly gain since Monday, and geopolitical tensions in Yemen continue to simmer as Houthi rebels seized a key port city.
What’s driving the cautious optimism? Investors are positioning themselves ahead of the August Consumer Price Index report, scheduled for release at 8:30am ET. Bond yields retreated slightly but remain stubbornly close to three-year highs, with the 10-year yield down just 2.4 basis points.
The day ahead brings several economic indicators beyond inflation figures, including preliminary University of Michigan sentiment data and second-quarter household net worth ces. Federal Reserve officials remain silent during their blackout period before the September 15-16 policy meeting.
You May Like
Leave a comment