The US stock futures are trading mixed ahead of the latest inflation-related report.
The main futures indexes suggest a small gain on the Dow when the opening bell rings.
On Thursday, investors will get closely watched US inflation data. The focus is on how it could affect ultra-low interest rates and other market-supporting policies.
The Bureau of Labor Statistics is expected to report that the consumer price index rose in May by 0.4% month-over-month, half of April's 0.8% spike which had been largest since June 2009.
On a year-over-year basis, watch the underlying prices to increase 4.7%. That will be the fastest growing year in almost 13 years and up half a percentage point from April's 4.2% increase. If you factor in volatile food and energy costs, the core consumer price index is expected to increase 3.4% this month and will increase year-over-year by around 1.4% in 28 years.
The CPI comes shortly before a meeting next week of the Federal Reserve's Open Market Committee, which sets policy on interest rates and other measures.
The Labor Department is out on Thursday with its new claims for unemployment benefits for the first week of July. Expectations are for 370,000, down from a coronavirus pandemic low of 385,000 claims the week before. Continuing claims, which track the total number of unemployed workers who are applying for benefits, are expected to drop to 3.602 million, driving to a pandemic low in mid-May :
Hong Kong's Nikkei 225 rose 0.3% in Asia. Hang Sengwas Index increased 0.1% in Asian stock market and the Shanghai Composite Index did 0.5% in Shanghai, Japan.
A drop in bank and industrial stocks on Wall Street fell to modest losses on Wednesday after an early gain faded in the last half-hour of trading. Stocks championed by hordes of online retail investors, the meme stocks as they became known, were once again volatile once again.
The S&P 500 slipped 0.2% to 4,219.55, erasing its meager gain from a day earlier. The benchmark index's first weekly moves this week have it on track for its modest loss in three weeks. The Nasdaq gave up 0.4% to 34,447.14, while the Dow Jones Industrial Average fell just 0.1% at 13,911. 75
The new meme stock, GameStop, said Wednesday after the closing bell that it had brought in a pair of Amazon veterans as its new chief executive and chief financial officer to help in its much anticipated digital turnaround. The company also reported a smaller quarterly loss than a year ago as revenue increased. Its shares fell 33% in after-hours trading.
In other trading, New York Mercantile Exchange crude fell from 40 cents to $69.57 per barrel in electronic trading. It lost 9 cents on Wednesday to $69.96 per barrel.
Brent crude, the international standard, inched up to $71.82 a barrel up 40 cents.
The Associated Press contributed to this report.