US pre-open: Futures pointing higher ahead of CPI report
Stock futures were pointing to a higher open ahead of the release of an important report on consumer price inflation.
On the basis of the latest month-on-month figures for headline and core CPI investors would be trying to determine just how near, or not, CPI would come to the Federal Reserve's 2.0% target by year end and in the beginning of 2024.
At 1033 BST, the Dow Jones Industrials mini futures contract was adding 193 points to 35,395.0, alongside a 27.0 point gain for S&P 500 futures to 4,512.75.
The Nasdaq-100 mini futures contract was up by 107.0 points at 15,285.25.
"It will take something big for the Fed to consider hiking again you would think, having shifted to a more gradual approach in recent months," said Craig Erlam, senior market analyst at Oanda.
"To hike again in September could alarm investors and suggest the central bank has a lot more to do which wouldn't really be consistent with headline inflation around 3% and core below 5%. A big spike in these, particularly the latter, could make investors nervous but it would need to be substantial to even consider raising again next month."
The July CPI report was scheduled for release at 1330 BST.
Consensus was that the Department of Labor would report a rise in the annual rate of headline price increases from 3.0% for June to 3.3%.
Both headline and core CPI were seen up by 0.2% over the month.
Also due out in parallel were the latest weekly unemployment claims statistics.
On the company front, it was Walt Disney shares that were in the spotlight.
Overnight, the entertainment and media giant reported weaker than expected third quarter sales of $22.3bn.
At $1.08 on the other hand, earnings per share beat analysts' estimates for $0.96.