Stock Futures Steady Before US Producer Price Data: Markets Wrap

(Bloomberg) — US stock futures erased earlier sharp losses as investors waited to see if wholesale inflation data due later would confirm signs that price growth is slowing. 

S&P 500 and Nasdaq 100 contracts fell less than 0.1%, after gains on Wednesday spurred by a softer-than-expected inflation print. While weak earnings hit software firm Adobe Inc. and clothing retailer American Eagle Inc. in premarket trading, Intel Inc. jumped as much as 11% after the chipmaker named a new chief executive officer.

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European equities rose about 0.5%, continuing their year-to-date outperformance over US peers. Gold was the other notable mover, with prices rising toward record highs as several banks predicted further gains for the haven asset amid the escalation in global trade tensions.

The previous day’s CPI reading “has reinvigorated belief in the declining inflation narrative,” said Daniel Murray, CEO of EFG Asset Management in Zurich. 

Investors are now awaiting readings on US wholesale inflation and initial jobless claims, with price growth seen moderating to 0.3% last month. 

Recent weeks have seen a slew of Wall Street banks including Goldman Sachs Group Inc. and Citigroup Inc. cut their forecasts for the S&P 500, predicting a hit from the slowing economy. Yardeni Research added to that bearish chorus, noting that Trump’s tariff policies have heightened the risk of stagflation. 

Still, some strategists think a bottom for US stocks is “probably” here, with JPMorgan Chase & Co. saying the worst of the correction may be over, with credit markets indicating a lower risk of a recession. 

Meanwhile Treasury yields shrugged off the cooler inflation data to edge higher, with investors focusing on the effect higher tariffs could have on prices in the coming months. The Federal Reserve, which meets next week, has already signaled it will take a wait-and-see approach before cutting interest rates further.  

In commodities, crude oil futures slipped as the International Energy Agency warned global demand is under pressure from the escalating trade war. 

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Key events this week:

• Eurozone industrial production, Thursday
• US PPI, initial jobless claims, Thursday
• US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 rose 0.6% as of 10:19 a.m. London time
• S&P 500 futures were unchanged
• Nasdaq 100 futures were little changed
• Futures on the Dow Jones Industrial Average were little changed
• The MSCI Asia Pacific Index fell 0.4%
• The MSCI Emerging Markets Index fell 0.6%

Currencies

• The Bloomberg Dollar Spot Index was little changed
• The euro fell 0.2% to $1.0871
• The Japanese yen was little changed at 148.14 per dollar
• The offshore yuan was little changed at 7.2459 per dollar
• The British pound was little changed at $1.2954

Cryptocurrencies

• Bitcoin rose 0.1% to $83,219.29
• Ether fell 0.3% to $1,885.46

Bonds

• The yield on 10-year Treasuries advanced one basis point to 4.32%
• Germany’s 10-year yield advanced two basis points to 2.90%
• Britain’s 10-year yield advanced one basis point to 4.74%

Commodities

• Brent crude fell 0.6% to $70.49 a barrel
• Spot gold rose 0.3% to $2,943.97 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu.

©2025 Bloomberg L.P.