Wall Street futures are pointing modestly higher before the market opens on Thursday as traders gear up for a fresh inflation report from Washington and await remarks from the nation’s leading central banker. The national October producer price index (PPI) bulletin is scheduled to be released at 8:30 am ET, with analysts projecting a 2.3% increase year-over-year.
Federal Reserve Chair Jerome Powell is set to address the Dallas Regional Chamber at 3 pm ET, which could provide further insights into the central bank's monetary policy direction. In premarket trading, the S&P 500, Nasdaq, and Dow Jones indexes were all showing an uptick of around 0.1% from Wednesday’s closing numbers.
Meanwhile, yields on 10-year US Treasuries were targeting 4.50%, indicative of market expectations regarding inflation and interest rates. Bitcoin surged above $90,000, reaching new record highs, while gold prices retreated from their recent peaks. Asian markets closed primarily lower overnight, whereas European bourses exhibited moderate gains during midday trading.
Major companies like Disney, Brookfield, and Talen Energy are slated to release their earnings reports prior to the market’s opening. The economic calendar also includes the release of the weekly jobless claims report at 8:30 am ET, the weekly EIA natural gas report at 10:30 am, and the weekly EIA petroleum status report at 11 am.
Additionally, various Federal Reserve officials are set to speak, including Governor Adriana Kugler at 7 am ET, Richmond Fed President Thomas Barkin at 9 am ET, and New York Fed President John Williams at 4:45 pm ET. In premarket movements, Bitcoin was trading at $91,066, West Texas Intermediate crude was noted at $68.56, and 10-year US Treasuries presented an offering yield of 4.47%.
Spot gold was priced at $2,545 per ounce..