U.S. Stock Futures Rise Ahead of Inflation Data

U.S. stock index futures rose on Thursday as investors awaited July producer-price inflation data to gauge the future interest rate path of the Federal Reserve System. Following benign consumer inflation data, market participants currently estimate a 66% probability that the central bank will maintain steady interest rates at its next meeting.

In the energy sector, Brent crude oil prices fell approximately 2% after six sessions of gains. This decline followed concerns over weaker global demand and an increase in U.S. crude stocks. Analysts from UBS Global Wealth Management stated they do not view higher energy prices as a source of sustained underlying inflationary pressure.

Corporate activity saw significant movement in the technology and insurance sectors. Thoma Bravo agreed to take insurance marketplace Accelerant private in an all-cash deal valued at over $4 billion. While Alphabet, Amazon, and Apple saw modest gains, other tech stocks struggled. Cerebras Systems shares dropped more than 17% after missing quarterly revenue estimates, and Cisco Systems shares fell 5.8% despite providing revenue forecasts that exceeded Wall Street expectations.