Before the opening bell on Thursday, major US stock indices were showing positive momentum as traders prepared for the latest producer price index (PPI) report and remarks from Federal Reserve Chair Jerome Powell. In premarket activity, both the S&P 500 and the Nasdaq recorded an increase of 0.1%, while the Dow Jones Industrial Average rose by 0.2%.
Meanwhile, Asian market exchanges generally experienced declines, whereas European indices were predominantly in the green by midday. The PPI report for October, which is a key indicator of wholesale prices, is set to be released at 8:30 am ET. This report follows the Bureau of Labor Statistics announcement on consumer inflation, which aligned with Wall Street’s expectations for October.
Additionally, Thursday’s economic calendar outlines the weekly jobless claims report, also to be released at 8:30 am. Following that, the weekly Energy Information Administration (EIA) reports on domestic natural gas supplies and petroleum inventories are scheduled for 10:30 am and 11 am, respectively.
Chair Powell is slated to speak at the Dallas Regional Chamber at 3 pm. Other notable speakers include Fed Governor Adriana Kugler at 7 am, Richmond Fed President Thomas Barkin at 9 am, and New York Fed President John Williams at 4:45 pm. In pre-bell trading, shares of Cisco Systems (CSCO) fell by 3% despite the networking equipment manufacturer reporting better-than-expected fiscal first-quarter results.
Super Micro Computer (SMCI) saw a drop of 9.8%, while Quantum Computing (QBUT) experienced a substantial surge of 23%. The highly anticipated earnings reports are due from media and entertainment powerhouse Walt Disney (DIS), along with Brookfield (BN), Nomad Foods (NOMD), Advance Auto Parts (AAP), and Intuitive Machines (LUNR).
After market close, Applied Materials (AMAT) and Post Holdings (POST) will share their financial results. Before the market opens, bitcoin recorded a rise of 1.1% to reach $91,567, West Texas Intermediate crude oil increased by 0.6% to $68.86 per barrel, yields on 10-year Treasuries decreased slightly to 4.45%, and gold prices dipped by 1.1% to $2,558 per ounce..