US stock futures struggled for direction on Thursday, with investors assessing the prospects for US-Russia peace talks on Ukraine as they waited for the release of fresh wholesale inflation data.
Dow Jones Industrial Average futures (YM=F) and S&P 500 futures (ES=F) both fluctuated around the flat line after closing lower on Wednesday. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also little changed.
The mood is muted despite hopes for an end to the Ukraine war, which emerged after President Donald Trump and Russian leader Vladimir Putin agreed to start holding peace talks. The dollar (DX-Y.NYB, DX=F) fell after the news.
Meanwhile, investors braced for another read on price pressures, given January’s hot consumer inflation print dented optimism for an interest rate cut anytime soon. After that surprise, the focus is on whether January’s producer price index, which tracks wholesale costs at companies, will show the expected slight cooling on its release at 8:30 a.m. ET.
Inflation is in focus after a jump in consumer expectations and as Trump prepares to push out fresh tariffs, seen as likely to intensify price pressures. The president could announce global reciprocal tariffs at a meeting with India’s leader on Thursday, reports said, citing White House officials.
Also ahead is a weekly update on jobless claims, which will give a window into the labor market — another key input for the Federal Reserve’s policy decision making.
Earnings season rolls on, looking solid after a majority of beats from the almost 70% of S&P 500 companies to have reported so far. Robinhood (HOOD) shares soared in pre-market trading on the heels of a fourth-quarter profit beat. But Reddit’s (RDDT) stock tumbled amid a miss in user growth at the social media company.
The highlights on Thursday include Airbnb (ABNB), Applied Materials (AMAT), and Coinbase (COIN), expected to report results after the bell.
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Read More: Dow, S&P 500, Nasdaq futures waver amid Ukraine hopes, with inflation data
