Aug 10 (Reuters) - U.S. stock index futures rose on Thursday ahead of key inflation data later in the day that could influence the Federal Reserve's monetary policy path.
The consumer price index (CPI) for July due at 8:30 a.m ET is expected to have increased 0.2%, after a similar rise in the previous month. In the 12 months through July, the CPI is estimated to have climbed 3.3%, after rising 3.0% in the previous month.
"Any bad surprise on the inflation front could revive the Federal Reserve hawks, but we are far from pricing another hike in September just yet," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Traders are optimistic the Fed has completed its aggressive interest rate hike campaign, giving 86.5% odds of no rate hike by the central bank in its September policy meeting, according to CME FedWatch Tool.
Initial jobless claims data is also on tap later in the day, along with remarks from Atlanta Fed President Raphael Bostic and Philadelphia President Patrick Harker.
The tech-heavy Nasdaq led Wall Street lower on Wednesday, with heavyweight Nvidia falling 4.7%, followed closely by the other "Magnificent Seven" megacap stocks that drove this year's stock rally.
Nasdaq has gained about 31% this year on hopes of a soft landing for the U.S. economy in the face of the Fed's aggressive interest rate hike cycle and optimism over the scope of artificial intelligence.
Rate-sensitive megacap stocks Amazon.com, Microsoft and Apple rose between 0.5% and 0.8% in early trading before the bell.
At 06:45 a.m. ET, Dow e-minis were up 154 points, or 0.44%, S&P 500 e-minis were up 20.75 points, or 0.46%, and Nasdaq 100 e-minis were up 85.75 points, or 0.56%.
On the earnings front, Walt Disney rose 1.6% in premarket trading after beating Wall Street estimates for adjusted earnings per share.
China's Alibaba Group Holding, reported first-quarter revenue on Thursday that beat analysts' estimates as consumer sentiment bounced back from the same time a year earlier when there were strict pandemic-related lockdowns. The company's U.S.-listed shares rose 5% in trading before the bell.
Capri Holdings shares jumped 30.1% after a report said that New York-based Tapestry, the owner of Coach, was nearing a deal to buy the Michael Kors-owner.
In another notable development, President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.
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