Dow Jones futures rose Thursday morning after a July producer price index report came in cooler than economists expected. Cisco and Cerebras Systems sank in premarket trading despite both companies beating earnings estimates.
Futures for the Dow Jones Industrial Average rose 0.2% Thursday, as S&P 500 futures added 0.1% and Nasdaq-100 futures inched lower. The move came as Wall Street reacted to a surprise inflation report released before the opening bell.
Among exchange-traded funds, the Invesco QQQ traded down less than 0.1%, while the SPDR S&P 500 ETF rose 0.2% ahead of Thursday's open.
PPI Comes In Cooler Than Forecast
The Labor Department said the producer price index was unchanged in July, holding a 4.7% year-over-year increase, with both readings cooler than expected. Core PPI, which excludes food and energy, rose 0.2% on the month, below estimates, with a 4.2% annual increase that matched forecasts.
Economists polled by Econoday had expected the headline PPI to rise 0.2% on the month with a 4.9% annual increase, and core PPI to climb 0.3% for the month. Weekly initial jobless claims, meanwhile, rose more than expected to 209,000, against 199,000 the prior week and forecasts of 203,000.
Cisco And Cerebras Plunge Despite Beating Estimates
Cisco stock tumbled more than 6% Thursday morning even after the networking giant reported fiscal fourth-quarter earnings and revenue that topped estimates as AI-related product orders accelerated. Cisco's fiscal 2027 sales outlook also came in above expectations.
Cerebras Systems, meanwhile, plunged more than 15% in premarket action despite beating Wall Street's adjusted sales target for the second quarter and offering a full-year outlook well above views.
Other Earnings Movers
Coherent shares plunged more than 7%, while JD.com stock moved down 4%. SOLV Energy rallied more than 6%, Stratasys dropped nearly 2%, and Yeti shares fell close to 5% in premarket trading. Applied Materials is on the earnings calendar later Thursday.
West Texas Intermediate crude futures traded lower at around $81.30 a barrel, and the 10-year Treasury yield ticked lower to 4.66%. Bitcoin edged higher to around $63,500.
Source: Investor's Business Daily
Trading involves risk.
Risk Disclaimer
