U.S. Stock Futures Ease After Record Highs as Key Data Looms

U.S. stock futures dipped slightly on Thursday morning, pausing after the major indexes closed at record levels earlier in the week. Traders were in a holding pattern ahead of the release of the July Producer Price Index (PPI) and the latest weekly jobless claims report—two data points that could influence the Federal Reserve’s policy direction in September.
The S&P 500 and Nasdaq had both set fresh all-time highs earlier in the week, with investor sentiment buoyed by growing expectations of a rate cut next month. However, the modest pullback in futures suggested some investors were taking profits or adopting a wait-and-see approach before committing to further positions.
Treasury yields remained subdued, with the two-year yield hovering near three-month lows, reflecting market conviction that monetary easing is imminent. Analysts note that a softer-than-expected PPI reading could reinforce the case for a larger rate cut, while a surprise uptick might temper such bets.
In commodities, oil prices continued to retreat, hitting their lowest levels in two months, which in turn provided some relief for inflation concerns. Meanwhile, the U.S. dollar traded mixed against major peers, with the yen strengthening on safe-haven demand, pressuring Japanese equities in early trading.
Market strategists emphasized that while the recent rally has been fueled by optimism around Fed policy, sustained momentum will depend on upcoming economic data and corporate earnings reports due later this month.