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Positive Outlook for US Stock Futures

US stock futures are on the rise on Thursday, showing momentum despite a higher than expected wholesale inflation print. The data could potentially influence the Federal Reserve at its upcoming policy meeting next week.

The futures for the S&P 500 (^GSPC) have increased by 0.3%, indicating a possibility of reaching its 18th record close for the year. Dow Jones Industrial Average (^DJI) futures have also seen a rise of around 0.4% or over 100 points.

Furthermore, the Nasdaq 100 (^NDX) has gained 0.4%, rebounding after companies like Nvidia (NVDA) and Tesla (TSLA) caused stocks to dip on Wednesday.

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Key Economic Indicators and Market Trends

The producer price index for February increased by 0.6%, surpassing expectations of a 0.3% rise. The focus is now on whether inflation is decreasing at a sufficient rate to meet the Fed’s requirements and possibly lead to interest rate cuts. Despite Tuesday’s CPI report indicating persistent inflation, investors remain hopeful for a potential policy shift in the summer.

Retail sales saw a modest increase of 0.6%, falling short of the anticipated 0.8% rise. The release of Thursday’s data is crucial in providing insights into the state of the US economy ahead of the central bank’s meeting next week.

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Oil Prices and Corporate News

Oil prices continue to climb as the IEA warns of supply shortages throughout the year and US stockpiles decrease. WTI crude futures (CL=F) are trading above $80 per barrel, reaching their highest levels since November. Brent crude futures (BZ=F) are approaching $85.

On the corporate front, Fisker’s (FSR) shares have plummeted by nearly 40% in premarket trading following reports of the EV maker considering a bankruptcy filing.

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