U.S. stock futures rose on Thursday, with momentum returning as investors awaited wholesale inflation and retail data that could influence the Federal Reserve at its policy meeting next week.
S&P 500 futures (^GSPC) rose 0.3%, signaling a possible bid for an 18th record close this year. Dow Jones Industrial Average (^DJI) futures rose about 0.4%, or over 100 points.
Meanwhile, the tech-heavy Nasdaq 100 (^NDX) also gained 0.4%, recovering after Nvidia (NVDA) and Tesla (TSLA) pushed shares lower on Wednesday.
The focus is firmly on the February Producer Price Index release at 8:30 a.m. ET. Investors are watching to see whether inflation cools quickly enough to satisfy Fed policymakers and announce rate cuts. However, in Tuesday's CPI report, the market ignored signs of stubborn inflation and held on to hopes of a policy turnaround next summer.
Eyes are closely watching the PPI release and the other final few data that will provide a health check on the US economy ahead of the central bank's two-day meeting next week. February retail sales and weekly jobless claims will also be released on Thursday.
In commodities, oil's revitalized rally continued to build after the IEA warned that supplies would lag this year and U.S. inventories shrank. WTI crude futures (CL=F) traded just above $80 a barrel, hitting their highest level since November, while Brent crude futures (BZ=F) rose toward $85.
On the corporate front, shares of Fisker (FSR) plunged nearly 40% premarket after the Wall Street Journal reported that the electric vehicle maker is considering a bankruptcy filing.
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