US pre-open: Stocks to edge up ahead of key inflation data
US stocks looked set to edge higher at the open on Thursday as investors eyed the latest inflation reading.
At 1030 BST, Dow Jones Industrial Average and S&P 500 futures were up 0.5%, while Nasdaq futures were 0.3% firmer.
The latest minutes from the US Federal Reserve released on Wednesday suggested the central will keep hiking interest rates until inflation recedes.
The US consumer price index for September is due at 1330 BST. It is expected to have slipped to 8.1% from 8.3% in August, while the core rate is expected to have fallen to 0.4% from 0.6%.
Neil Wilson, chief market analyst at Markets.com, said: "Today’s CPI release will be above 8% or thereabouts but it doesn’t really matter- it has a long way to come down still.
"Fed officials are worried that the longer it stays at this kind of level the more expectations become ingrained. Forget any natural pivot - the Fed keeps on going until something snaps. So, expect 75 basis points in November and another in December unless there is a major crisis before then."
On the corporate front, Delta Air Lines, Domino’s Pizza and Walgreens are all slated to report earnings before the open.
Investors will also be keeping an eye out for initial jobless claims, due out at the same time as the inflation numbers.