U.S. Stock Futures Rise Ahead of Economic Data Release
U.S. stock index futures showed slight gains on Thursday as investors awaited new economic data. The Federal Reserve's upcoming rate cuts were bolstered by modest inflation figures. Walmart saw a significant stock increase, while Nvidia experienced a slight decline. Retail sales and jobless claims are crucial upcoming indicators.
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U.S. stock index futures nudged upward on Thursday, awaiting a fresh set of economic data. Soft consumer inflation data has fueled hopes that the Federal Reserve might initiate rate cuts in September.
Premarket trading saw megacap and growth stocks rise, with Walmart leading the way after raising its annual profit forecast for the second time this year. Nvidia bucked the trend with a 0.7% decline.
All eyes are on the Commerce Department's retail sales data, expected to show a 0.3% growth for July. Initial jobless claims are also forecasted to marginally increase. Investors are paying close attention to these indicators ahead of Federal Reserve Chairman Jerome Powell's upcoming speech at Jackson Hole.
Traders currently estimate a 64.5% chance of the Fed cutting rates by 25 basis points in September. Comments from two Federal Reserve Presidents, Philadelphia's Patrick Harker and Atlanta's Raphael Bostic, will be scrutinized for clues on future rate cuts.
Among other notable movers, Cisco Systems rose after a strong revenue forecast and workforce cuts, while Nike climbed as billionaire investor William Ackman took new stakes. Ulta Beauty soared sharply following Warren Buffett's Berkshire Hathaway acquisition, and Deere & Co outperformed profit expectations.
(With inputs from agencies.)
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