Stock Market Today: S&P 500, Nasdaq Futures Rise Ahead Of August CPI Print—Kroger, RH, Adobe Earnings In Focus

U.S. stock futures were rising on Thursday following Wednesday’s mixed close. Futures of major benchmark indices were higher.

Economists forecast that the August Consumer Price Index will show headline inflation climbing to 2.9% year-over-year, up from 2.7% in July. If confirmed, that would be the highest annual pace since January 2025.

Thursday’s sentiment was driven by wholesale price data, as the Producer Price Index slipped 0.1% in August, contrary to expectations for a 0.3% increase. Wholesale inflation also slowed sharply on an annual basis, declining from 3.3% to 2.6%.

Meanwhile, the 10-year Treasury bond yielded 4.05% and the two-year bond was at 3.55%. The CME Group’s FedWatch tool‘s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.

Futures	Change (+/-)
Dow Jones	0.06%
S&P 500	0.13%
Nasdaq 100	0.20%
Russell 2000	-0.21%

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Thursday. The SPY was up 0.15% at $653.21, while the QQQ advanced 0.21% to $581.90, according to Benzinga Pro data.

Cues From Last Session

Sectors that gained and lost on Wednesday reflected a divergent market, as energy and information technology stocks bucked the overall trend to close higher.

Most other sectors on the S&P 500 finished in the red, with consumer discretionary, health care, and consumer staples recording the biggest losses. This split performance led to a mixed close for U.S. stocks, with the S&P 500 surging to new highs while the Dow Jones index fell more than 200 points.

The positive sentiment was driven by wholesale price data, as the Producer Price Index slipped 0.1% in August, contrary to expectations for a 0.3% increase. Wholesale inflation also slowed sharply on an annual basis, declining from 3.3% to 2.6%.

AI-linked stocks rallied, fueled by investor optimism that artificial intelligence will boost earnings growth after Oracle Corp. ORCL announced a massive backlog of AI-related orders. In contrast, shares of Chewy, Inc. CHW tumbled by around 17% on Wednesday following the company’s release of its second-quarter results.

The Dow Jones index ended 220 points or 0.48% lower at 45,490.92, whereas the S&P 500 index rose 0.30% to 6,532.04. Nasdaq Composite advanced 0.030% to 21,886.06, and the small-cap gauge, Russell 2000, tumbled 0.16% to end at 2,378.01.

Index	Performance (+/-)	Value
Nasdaq Composite	0.030%	21,886.06
S&P 500	0.30%	6,532.04
Dow Jones	-0.48%	45,490.92
Russell 2000	-0.16%	2,378.01

Insights From Analysts

As investors await the Consumer Price Index (CPI) report, investment bank Goldman Sachs has projected that inflation continued its upward climb in August, further complicating the Federal Reserve’s upcoming interest rate decision.

Economists at Goldman Sachs anticipate a 0.37% month-over-month increase in the headline CPI, which would push the year-over-year inflation rate to 2.9%. This forecast, slightly above the Wall Street consensus of +0.3%, comes as consumers and businesses grapple with prices that have been steadily rising since April, when President Trump’s tariffs began to take effect.

The bank also projects a significant rise in core CPI, which excludes volatile food and energy prices, forecasting a 0.36% monthly increase, bringing the annual rate to 3.13%.

In a research note, Goldman Sachs economists attributed the expected price surge to several factors:

• A 1.2% jump in used-car prices, driven by higher auction values and fewer new car incentives.
• A 0.4% increase in car insurance premiums.
• A 3% rise in airline ticket prices.
• Higher prices for goods in tariff-affected sectors like communication, household furnishings, and recreation.

This outlook is largely shared by other financial institutions, with Bank of America also forecasting a 2.9% annual inflation rate, aligning with the broader Wall Street consensus.

Meanwhile, with the Federal Reserve expected to begin an easing cycle as early as next week, analysts are pointing to a staggering $7.4 trillion in money market funds as potential fuel for the next wave of stock market gains.

This massive cash reserve, or “dry powder,” has grown even as equities rallied—an unusual trend driven by high interest rates that made cash an attractive asset.

According to a new note from LPL Research, impending rate cuts could reverse this flow. The firm stated that a resumption of the monetary policy easing cycle “could also provide additional longer-term tailwinds for equity markets.”

LPL suggests that as the Fed lowers rates, the appeal of money market funds will diminish, potentially prompting investors to re-deploy capital into stocks.

This shift is seen as a key catalyst for extending the current rally. Despite risks of intermittent volatility, LPL Research concludes that the fundamental outlook remains strong, asserting “the bull market likely has more left in the tank.” The firm expects the powerful AI investment cycle and steady economic growth to provide continued support for U.S. equities.

See Also: How to Trade Futures

Upcoming Economic Data

Here’s what investors will be keeping an eye on Thursday;

• August’s headline and core consumer price index data and the initial jobless claims for the week ending Aug. 16 will be out by 8:30 a.m. ET.

• August’s monthly U.S. federal budget data will be out by 2:00 p.m. ET.

Stocks In Focus

• Kroger Co. KR rose 1.45% in premarket on Thursday ahead of its earnings report scheduled to be released before the opening bell. Analysts estimate earnings of 99 cents per share on revenue of $34.10 billion.

• RH RH was up 0.42% as analysts expect it to report earnings of $3.20 per share on revenue of $904.64 million after the closing bell.

• Adobe Inc. ADBE was 0.81% higher ahead of its earnings report scheduled to be released after the closing bell. Analysts estimate earnings of $5.18 per share on revenue of $5.91 billion.

• Oxford Industries Inc. OXM jumped 14.63% after reporting better-than-expected second-quarter earnings results and raising its FY25 EPS guidance above estimates.

• Oracle Corp. ORCL gained 1.61%, continuing its rally following a record Remaining Performance Obligations (RPO) totaling $455 billion, marking a remarkable 359% increase compared to the same period last year.

• Offerpad Solutions Inc. OPAD jumped 10.13% following the company’s announcement of strategic enhancements to its HomePro program.

• Wearable Devices Ltd. WLDS popped 19.50% as the Israeli company secured a U.S. patent on Wednesday for its “Gesture and Voice Controlled Interface Device” technology.

Commodities, Gold, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 0.46% to hover around $63.38 per barrel.

Gold Spot US Dollar fell 0.38% to hover around $3,626.75 per ounce. Its last record high stood at $3,674.75 per ounce. The U.S. Dollar Index spot was 0.14% higher at the 97.9200 level.

Asian markets closed higher on Thursday as Australia’s ASX 200, China’s CSI 300, Japan’s Nikkei 225, Hong Kong’s Hang Seng, India’s S&P BSE Sensex, and South Korea’s Kospi indices rose. European markets were mixed in early trade.

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