08:22 AM EDT, 08/13/2026 (MT Newswires) -- US equity markets are tracking higher before the opening bell Thursday as traders await last month's wholesale inflation data following a consumer inflation report that cooled bets on a near-term rate hike by the Federal Reserve.

The S&P 500 and the Dow Jones Industrial Average increased 0.2% each in premarket activity, while the Nasdaq edged up 0.1%. The Nasdaq and S&P 500 finished Wednesday trading higher, while the Dow ended little changed.

Last month's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET. The report comes a day after government data showed that annual consumer inflation slowed to a four-month low in July, likely allowing the Federal Reserve to stay on hold for the rest of the year.

"Both the headline and core (consumer price index) in July were benign enough to reinforce our baseline forecast for a prolonged pause by the (Fed) over the remainder of the year," Oxford Economics said in a Wednesday note. "Market expectations for a September rate hike have also downshifted on the back of the July CPI."

The probability of the central bank keeping its benchmark lending rate unchanged next month stood at 64% on Thursday, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.

Treasury yields were down in premarket action, with the two-year rate retreating 2.3 basis points to 4.18% and the 10-year rate off 2.2 basis points to 4.67%.

Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am. Cleveland Fed President Beth Hammack is slated to speak at 8:15 am, while Richmond Fed President Thomas Barkin speaks at 8:40 am.

West Texas Intermediate crude oil declined 2.1% to $81.50 a barrel before the open, while Brent decreased nearly 2% to $87.23.

In a social media post on Wednesday, President Donald Trump said the US has "total control" over the Strait of Hormuz, amid its ongoing blockade of Iranian ports. "We own it, and at some point, maybe they'll do something, and then they get blown away," Trump told reporters, referring to Tehran, according to CNN.

Iranian officials reportedly said earlier in the week that the Strait of Hormuz will remain closed as long as the US does not accept Tehran's conditions, including a permanent end to the conflict and full compensation for damages incurred due to the war.

The International Energy Agency on Wednesday projected a larger decline in global oil demand this year than previously estimated as the continued closure of the strait weighs on consumption. Separately, the Organization of the Petroleum Exporting Countries lowered its global oil demand growth outlook for 2026 while projecting a stronger rebound for next year than previously estimated.

Shares of Cisco Systems (CSCO) fell nearly 6% pre-bell after reporting fiscal fourth-quarter services revenue below Wall Street's estimates, overshadowing what the networking equipment maker described as record results.

Cerebras Systems (CBRS) dropped 18% as the artificial intelligence chipmaker swung to a second-quarter loss. Dell Technologies (DELL) gained 4%.

JD.com (JD), Tapestry (TPR), Madison Square Garden Sports (MSGS), Bullish (BLSH) and Yeti (YETI) report their latest financial results before the bell, among others. Applied Materials (AMAT) posts its earnings after the markets close.

Gold nudged down 0.4% to $4,449 per troy ounce, while bitcoin inclined 0.3% to $63,589.