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US stock futures were mixed ahead of the US weekly initial jobless claims data. S&P 500 futures, as well as Dow Jones futures, were almost at a standstill. Futures tied to the Nasdaq 100 index fell more than 18 points.

US Market Concerns

The S&P 500 index edged 10 points higher on Wednesday after the release of the US key inflation data. The Consumer Price Index (CPI) for July was in line with analysts’ expectations. It came in at 0.5% MoM and 5.4% higher on a year-on-year basis.

The core CPI over the month came in lower than the estimated forecast at 0.3%. The indexes for shelter, food, energy, and vehicles all increased in July boosting the seasonally adjusted increase. The core inflation rose 4.3% over the last year, albeit eased from the previous 4.5% increase in June.

US Treasury yields dipped lower ahead of the jobless claims and PPI data. The yield on the benchmark 10-year Treasury note fell to 1.34%. The yield on the 30-year Treasury bond dipped to 1.991%.

Oil prices edged higher after the United States called for major oil producers to boost the oil supply. US West Texas Intermediate (WTI) crude futures were up at $69.31 per barrel. Brent crude futures advanced to $71.59 per barrel.

The US weekly initial jobless claims data is scheduled to be released later today. Analysts polled by Dow Jones expect the jobless claims to decrease to 375,000 down from the previous 385,000.

The Producer Price Index (PPI) data for July will also be released later in the day. The monthly PPI for July is expected to increase 0.6% easing from the previous 1.0% increase.

S&P 500 Movers

Albemarle Corp was the best performer in the S&P 500 premarket trade. The chemical manufacturing company gained 1.70% in its stock earnings. The company recently produced its Q2 earnings which surpassed estimates. However, its sales for the quarter lagged.

Seagate Technology plc was also among the top performers. The storage company gained more than 1.08%. The company’s stock price has been on an upward trend for the past few weeks.

Micron Technology led the laggards in the index. The company’s stock earnings fell 2.25%. Micron has been on a downward trajectory for the past week.

eBay Inc shares have been down after the company reported disappointing revenue for the second quarter. eBay posted $2.67 billion in revenue for the quarter, missing a $3 billion forecast.

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