In the lead-up to Thursday's trading session, the three major US stock indices were observing positive movements, with traders carefully analyzing the recently released consumer inflation data while anticipating the upcoming producer price index (PPI) report. The Standard & Poor's 500 and the Dow Jones Industrial Average reported a pre-market increase of 0.2% each, while the Nasdaq Composite rose by 0.1%.
Internationally, most Asian stock exchanges were reflecting upward trends, and midday European markets were also exhibiting gains. The highly anticipated PPI report for August—an essential indicator of wholesale price trends—is slated for release at 8:30 am ET. This announcement follows the Bureau of Labor Statistics' release of consumer inflation figures from the previous month, which met expectations sequentially, revealing the lowest annual increase since February 2021. Thursday’s economic agenda includes the weekly jobless claims report, which will also be made available at 8:30 am, and the weekly EIA (Energy Information Administration) report on domestic natural gas supplies will be published at 10:30 am. In pre-market trading, Nvidia Corporation ($NVDA) shares gained 0.8%, adding to an impressive climb of 8.2% that occurred by Wednesday's closing bell.
Conversely, Oxford Industries ($OXM), the parent company of Tommy Bahama and Lilly Pulitzer, saw its stock plummet 10% after the firm revised its fiscal outlook for 2024 downwards. On a brighter note, Alaska Air Group ($ALK) shares surged 4.7% after the airline uplifted its adjusted earnings guidance for the third quarter. Several companies are expected to divulge their latest financials prior to the market opening, including Kroger ($KR), Signet Jewelers ($SIG), and Caleres ($CAL).
Additionally, tech giants Adobe Inc. (ADBE) and RH (RH) are set to release their earnings in the after-hours session. As the market prepares to open, bitcoin has shown a slight increase of 0.7%, reaching a value of $57,966. Meanwhile, West Texas Intermediate crude oil prices have advanced by 1.6%, now priced at $68.41 per barrel.
The yield on 10-year Treasury bonds has risen by 2.3 basis points, reaching 3.68%, while gold has edged up 0.1%, trading at $2,546 an ounce..