US stock futures stepped higher on Thursday as investors looked ahead to the next batch of earnings and the upcoming inflation update on the heels of a stronger-than-expected January jobs report.
Dow Jones Industrial Average futures (YM=F) and S&P 500 futures (ES=F) rose 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) added roughly 0.3%. The small gains follow a choppy session on Wall Street that saw the major stock indexes end little changed.
Attention is starting to turn to Friday’s Consumer Price Index report, the Federal Reserve’s preferred gauge of inflation. A softer reading will build hopes that price pressures are easing while economic growth remains intact.
Meanwhile, an update on weekly jobless claims due later is in focus after nonfarm-payrolls data showed the US economy added twice as many jobs as anticipated in January. The strength in hiring complicates expectations for Fed policy. A resilient labor market, paired with sticky inflation, is seen as reducing the likelihood of near-term interest-rate cuts — a key driver of recent equity gains.
On the earnings front, Cisco Systems (CSCO) tumbled roughly 7% after missing profit expectations in its late Wednesday report. McDonald’s (MCD) shares slipped despite the burger giant’s earnings beat. Looking ahead, Coinbase (COIN), Applied Materials (AMAT), and Rivian (RIVN) are highlights on Thursday’s docket, all due after the market close.
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