US Futures Mixed as Inflation Data Looms

US stock futures experienced a subdued trading session on Thursday, September 10. Investors were keenly awaiting the August producer price index (PPI) report, expected to provide insights into inflation trends and influence future interest rate decisions. While futures for the S&P 500 and Dow Jones Industrial Average showed modest gains, Nasdaq-100 futures registered a decline, indicating ongoing apprehension surrounding technology stocks.

The August PPI data, anticipated to show a 0.3% month-on-month increase and a 5.3% annual rise, comes just before the consumer price index (CPI) report. Both inflation readings are crucial for the Federal Reserve's upcoming policy meeting on September 15-16, with markets factoring in a significant chance of a rate hike. This cautious sentiment follows three consecutive days of declines in US equities.

Adding to market pressures, Treasury yields have climbed, with the 10-year yield reaching its highest level since November 2023. Furthermore, escalating tensions between the US and Iran have driven oil prices sharply higher. Brent crude and West Texas Intermediate both settled significantly higher on Wednesday, marking their highest settlements since May. These elevated energy prices could exacerbate inflation concerns, potentially leading to interest rates remaining higher for longer.

Individual company news also influenced premarket trading. Apple shares rose following new product announcements, including the foldable iPhone Duo. Oracle's earnings report was scheduled for after market close, with its shares having seen a year-to-date decline. Adobe was expected to provide an update on navigating AI disruption. Macy's shares fell despite exceeding revenue expectations and raising its full-year guidance, as the retailer continues its turnaround plan.