US pre-open: Stock futures mixed ahead of CPI data

Wall Street futures were mixed ahead of the bell on Thursday as investors awaited some key inflation data and this week's jobless claims report from the Labor Department.

As of 1225 BST, Dow Jones futures were up 0.23%, while S&P 500 futures were 0.05% firmer and Nasdaq-100 futures had the index opening 0.30% lower.

The Dow closed 152.68 points lower on Wednesday as market participants continued to search for direction amid a rapidly reopening US economy.

Thursday's primary focus will be the monthly consumer price index data slated for release at 1330 BST, with economists expecting last month's report to show prices had grown 4.7% year-on-year following April's increase of 4.2%, while the core rate of inflation, excluding food and energy, was pegged to jump 3.5% on an annualised basis - its biggest jump in 28 years.

In addition to the CPI reading, market participants will also be keen to get a look at this week's jobless claims report from the Labor Department at 1330 BST, with economists this time predicting that the number of Americans filing new claims for unemployment benefits likely fell to 370,000 in the week ended 5 June - down from 385,00 last week to their lowest level in almost 15 months.

Swissquote's Ipek Ozkardeskaya said: "Investor appetite is muted before the most expected US inflation data. A stronger-than-expected inflation read would already be too strong, and should revive the Fed hawks and trigger a certain sell-off across the equity space regardless of the consensus view that today's print should be the peak of the actual rising inflation cycle. A softer-than-expected figure, on the other hand, should strengthen the conviction, and the case for softening inflationary pressures and leave the Fed doves alone for at least another month."

In the corporate space, UPS stock ticked up in pre-market trading following an upgrade from analysts at JPMorgan, while shares in reopening plays Boeing and Delta Air Lines also flew higher prior to the open.

So called "meme stock" GameStop fell around 7% in pre-market trading after tapping former Amazon exec Matt Furlong for CEO and revealing that sales had surged 25% last quarter.

On the macro front, the federal government will publish its monthly budget statement at 1900 BST.