The U.S. benchmark equity indexes displayed a slight positive movement before the market opened on Thursday as investors eagerly anticipated the release of last month's producer price data. The Standard & Poor's 500 index hovered in the green, while the Dow Jones Industrial Average gained 0.1%. Conversely, the Nasdaq saw a minor decline of 0.1% during the premarket session.
International markets presented a mixed picture; Asian exchanges were trending lower, whereas European markets saw a midday upswing. The February producer price index, a crucial barometer for wholesale price trends, is set to be released at 8:30 AM ET. This impending data follows the Bureau of Labor Statistics' recent report, which indicated that consumer inflation had slowed more than anticipated in the previous month compared to the previous month. Further adding to the day’s economic context, the weekly jobless claims report will also be published at 8:30 AM.
This will be accompanied by a revised report on the fourth-quarter services sector at 10 AM, and the weekly EIA report on natural gas supplies is expected to be released at 10:30 AM. In individual stock movements, shares of Intel surged by 11% in pre-market trading. This significant rise followed the news that the semiconductor giant has appointed industry veteran Lip-Bu Tan as its new chief executive officer.
On the other hand, Adobe shares fell by 4.7% after the software company reported its latest quarterly earnings and provided a disappointing forecast. Shares of UiPath and SentinelOne also saw considerable drops, plummeting 18% and 14%, respectively, following their earnings announcements. Investors are also anticipating earnings reports from several companies before the opening bell, including Dollar General, Futu, Weibo, and D-Wave Quantum.
Notable reports after market close will include those from DocuSign, Ulta Beauty, and Rubrik, providing a busy day for market watchers. As for commodities, prior to the opening bell, Bitcoin recorded a slight increase of 0.5%, reaching $83,253. In contrast, West Texas Intermediate crude oil prices dipped by 0.5%, settling at $67.33 per barrel.
Yields on 10-year Treasuries experienced an uptick of 1.8 basis points, climbing to 4.33%. Meanwhile, gold prices inched up by 0.2%, currently priced at $2,953 an ounce as investors navigate an increasingly volatile market landscape..