AC:CC - Stock Futures Rise as Investors Await Inflation Data
U.S. stock futures ticked higher Thursday as investors looked toward new consumer inflation data for greater insight on the economy.
Futures for the Dow Jones Industrials barreled ahead 114 points, or 0.3%, to 34,106.
Futures for the S&P 500 picked up 15.25 points, or 0.4%, at 4,425.
Futures for the NASDAQ hiked 51 points, or 0.3%, to 15,430.50.
Delta Air Lines traded more than 2% higher in the premarket after the airline delivered third-quarter earnings that beat analyst expectations.
The company earned an adjusted $2.03 per share, exceeding an LSEG estimate of $1.95 per share. Delta's bottom line was also 60% higher from the year-earlier period thanks to strong travel demand.
Ford Motor shares were down 2% in the premarket after United Auto Workers unexpectedly expanded its U.S. strikes to a Ford plant in Kentucky, where SUVs and trucks are built.
The consumer price report for September will be released Thursday morning. Economists surveyed by Dow Jones are forecasting a 0.3% month-over-month increase for September and 3.6% rise from the prior year. Investors believe that the strength of inflation indicated in the report will play a key part in whether the Federal Reserve decides to maintain or raise interest rates at its two-day meeting beginning Oct. 31.
The data comes following a stronger-than-expected producer price index for September.
Traders will also be keeping an eye out on jobless claims numbers for the week ending Oct. 7. Atlanta Fed president Raphael Bostic and Boston Fed president Susan Collins will be giving remarks Thursday afternoon, which could give Wall Street more insight into the central bank's stance.
In Japan, the Nikkei 225 jumped 1.8% Thursday, while in Hong Kong, the Hang Seng rallied 1.9%.
Oil prices added 87 cents to $84.36 U.S. a barrel.
Gold prices jumped $7.70 to $1,895 U.S. an ounce.