U.S. stock futures are slightly higher ahead of the Wall Street open as traders await more inflation data.

The moves come after modest gains on Wednesday with the small-cap Russell 2000 (RUT) settling at a new record high closing price. Oil prices are lending support to equities this morning with WTI crude down 2% to roughly $81.50 a barrel.

The July reading of the U.S. producer price index, which gauges what wholesalers pay for raw goods and materials, is due this morning. Year over year numbers are expected to fall to 4.9% from 5.5% on headline and 4.2% from 4.7% on core. This comes after yesterday’s CPI came in as expected with the probability of a rate hike at the Fed’s September meeting falling to 36%, according to the CME FedWatch Tool.

Cisco (CSCO) shares are down 5% in premarket trading despite its Q4 earnings and revenue topped estimates as artificial intelligence-related product orders accelerated.

Snapshot (as of 8 AM ET)

• Oil (/CL) – Oil futures are down 2% to $81.54 per barrel
• Gold (/GC) – Gold futures are down 0.60% to 4,441.10 per ounce
• Bitcoin (/BTC) – The cryptocurrency futures are up 0.11% to 63,525
• VIX (/VIX) – The CBOE Volatility Index is down 0.07% to 14.54
• U.S. Dollar ($DXY) – The dollar index is down 0.12% to 99.898

Big Premarket Movers (as of 8 AM ET)

Advancers:

• HP Inc. (HPQ) 7.07%
• Dell Technologies (DELL) 4.27%
• Hewlett Packard Enterprise (HPE) 3.96%
• Palo Alto Networks (PANW) 2.32%
• Netflix (NFLX) 1.94%

Decliners:

• Tapestry (TPR) -7.57%
• Cisco Systems (CSCO) -5.97%
• Coherent (COHR) -5.80%
• Carvana (CVNA) -2.39%
• Freeport-McMoRan (FCX) -1.17%

Economic Data (ET)

• 8:15 AM: Fed’s Hammack Speaks
• 8:30 AM: Jobless Claims
• 8:30 AM: Producer Price Index (PPI)
• 8:40 AM: Fed’s Barkin Speaks
• 9:00 AM: Fed’s Venable Speaks
• 10:30 AM: EIA Natural Gas Inventories
• 1:00 PM: 30-Year Bond Auction
• 4:30 PM: Fed Balance Sheet

Notable Earnings

• Premarket: AIT, BIRK, GDS, LUNR, JD, MSGS, MLCO, TPR, EVTL, WWW, YETI
• Postmarket: AMAT, BAP, GLOB, KLC, NU, QSI, STNE
• Premarket Tomorrow: N/A
• Postmarket Tomorrow: N/A

Upgrades/Downgrades

• JPMorgan upgrades Akamai (AKAM) from Underweight to Neutral
• Wolfe Research upgrades Abbott Laboratories (ABT) from Peer Perform to Outperform
• HSBC upgrades Keurig Dr Pepper (KDP) from Hold to Buy
• Wolfe Research downgrades Stryker (SYK) from Outperform to Peer Perform
• RBC Capital downgrades O-I Glass (OI) from Outperform to Sector Perform
• BofA downgrades StubHub (STUB) from Neutral to Underperform

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