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August CPI data due at 8:30 a.m. ET
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Oracle extends gains after near 36% jump on Wednesday
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Futures up: Dow and S&P 500 0.2% each, Nasdaq 0.3%
(Updates prices throughout, adds Centene ( CNC ) share move)
By Purvi Agarwal and Shashwat Chauhan
Sept 11 (Reuters) - U.S. stock index futures were
slightly higher on Thursday as investors refrained from making
large bets ahead of crucial inflation numbers that are likely to
influence the Federal Reserve's monetary policy path.
A reading of consumer prices is due at 8:30 a.m. ET, with
inflation expected to have picked up in August. Last month's
producer inflation numbers, released on Wednesday, fell
unexpectedly, boosting expectations of interest-rate cuts from
the Fed at its meeting next week.
Recent economic indicators have shown the U.S. labor market
was weaker than previously thought, bringing bets on a
bigger-than-usual 50-basis-point trim in September to 10.2%,
according to CME's FedWatch Tool.
Continued labor market weakness, especially bleak nonfarm
payrolls data for July and August, prompted investors to fully
price in at least 25 bps of easing at the central bank's
September 16-17 meeting.
"We expect ... forthcoming consumer price inflation data
today to also keep the door open for a resumption in U.S.
interest-rate cuts," said Mark Haefele, chief investment officer
at UBS Global Wealth Management.
"The combination of a moderation in jobs growth and
still-manageable inflation should keep the Fed on track to cut
rates, with a 25-basis-point cut expected in September."
A weekly reading of jobless claims data is also due
alongside the inflation report.
At 7:03 a.m. ET, Dow E-minis were up 89 points, or
0.2%, S&P 500 E-minis were up 13 points, or 0.2% and
Nasdaq 100 E-minis were up 67 points, or 0.28%.
The S&P 500 and the Nasdaq notched record high closes on
Wednesday, partly helped by a nearly 36% surge in Oracle
after an upbeat forecast that brought the cloud
computing company closer to joining the trillion-dollar club.
It revived the AI trade on Wednesday, sparking a rally in
artificial-intelligence-linked chip and utility companies
supplying power to data centers.
Oracle rose 1.6% in premarket trading on Thursday.
Wall Street's three main indexes have had a broadly
positive start to September - a month that is deemed bad
historically for U.S. equities. In the month, the benchmark S&P
500 has shed 1.5% on average since 2000, data compiled by LSEG
showed.
Gun stocks climbed before the bell, extending their rally
from the previous session after conservative activist Charlie
Kirk was shot dead at a university in Utah on Wednesday.
GrabAGun gained 1.5% and Smith & Wesson Brands ( SWBI )
was up 4.8%.
Stocks linked to ether rose, tracking gains in the
cryptocurrency. Sharplink Gaming ( SBET ) advanced 1.4%, Bit
Digital ( BTBT ) was up 1.2% and Bitmine Immersion Technologies
was 4.7% higher.
Centene ( CNC ) gained 3.8% as the health insurer said its
results through August are consistent with its previous guidance
for a full-year profit.