US stock futures traded in green before the opening bell on Friday, September 11 ahead of inflation data, scheduled to be released today.
The US stock market is expected to gain today as Nasdaq climbed 0.56% to 29, 297.5, Dow Jones futures advanced 0.54% to 52, 374 S&P 500 rose 0.49% to 7,636 by 6:06 am ET or 4:47 pm IST.
On Thursday, Dow slipped more than 300 points, or 0.6%, while the S&P 500 declined 0.6%. The Nasdaq Composite
slipped 0.7%, marking the fourth consecutive losing day for major indices.
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Stock futures were traded higher in the backdrop several global cues, including stabilising oil prices.
Here are three reasons why US stock futures are surging today -
Oil prices cool down
After nearing $109 mark, brent fell below $104 a barrel amid uncertainties over supply through the Strait of Hormuz. Notably, the benchmark continues to be on track for a nearly 8% surge since Monday, the International Energy Agency warned higher prices would impact consumption.
Inflation Data
Traders and investors are focusing on consumer inflation data due on Friday, expected to provide clues on the Fed's rate decision next week. A softer-than-expected data could reduce rate-hike concerns. According to Bloomberg, economists forecast the consumer price index to advance 0.4% in August, up from a month earlier, primarily due to higher gasoline costs. Excluding the volatile energy and food items, the core CPI is expected to show a moderate 0.2% increase.
Oracle Rallies
Oracle shares jumped 5.5% in premarket trading on Friday following better-than-expected fiscal first-quarter earnings that allayed Wall Street's worries about the company's aggressive, debt-driven AI data centre buildouts. The company's booking of over $30 billion in new AI cloud contracts was a major factor in the jump, pushing its remaining performance obligations (backlog) to a record $664 billion, comfortably exceeding analyst projections of $639.89 billion.
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