TLDR
- Dow, S&P 500, and Nasdaq futures rose Thursday ahead of the July Producer Price Index release
- Cisco (CSCO)andCerebras(CSCO) and Cerebras ( CBRS) beat earnings expectations but both sold off in extended trading
- Applied Materials ($AMAT) reports Thursday after gaining 190% over the past year
- CPI data showed inflation cooling to 3.4% in July, raising hopes the Fed holds rates in September
- Oil prices fell as the Trump administration shifts to an economic pressure campaign in the Middle East
Dow futures added 130 points, or 0.3%, on Thursday morning. S&P 500 futures climbed 0.2% and Nasdaq 100 futures edged up 0.1%, putting the S&P 500 within reach of a new closing record.
The gains follow a solid session Wednesday, when all three major indexes rallied on the back of strong tech earnings.
The big data point Thursday is the Producer Price Index for July, due at 8:30 a.m. Eastern. Economists expect wholesale inflation to come in at 4.9%, down from 5.5% in June.
That follows Wednesday’s CPI print, which showed consumer inflation eased to 3.4% in July. The cooler reading gave some traders reason to fade bets on a September rate hike, though Fed watchers still expect at least one hike before year-end.
BREAKING: July CPI inflation falls to 3.4%, in-line with expectations of 3.4%
Core CPI inflation falls to 2.5%, also in-line with expectations of 2.5%.
Month-over-month CPI inflation rose +0.1%, up from -0.4% in June.
US stock market futures are rising on the news.
— The Kobeissi Letter (@KobeissiLetter) August 12, 2026
Deutsche Bank analyst Jim Reid flagged categories like health care services, airfares, and portfolio management as key items to watch. Those feed directly into the PCE price index, the Fed’s preferred inflation measure.
“With pricing for the next Fed meeting still in the balance, all these prints are likely to get a lot of attention,” Reid said.
Cisco and Cerebras Beat but Get Sold
Cisco (CSCO) rose 2.86% and Cerebras surged 11.63% during regular trading. Both companies reported better-than-expected quarterly results and pointed to strong demand for AI infrastructure.
Despite the upbeat reports and outlooks, Wall Street sold both stocks in extended trading. It’s a familiar pattern this earnings season: beat the number, still get punished.
Applied Materials ($AMAT), up 4.29% Thursday, reports results after the close. The chipmaking equipment maker has gained a whopping 190% over the past year, so the bar is high.
Retail Earnings and Jobs Data Also in Focus
Initial jobless claims are also on the calendar Thursday. Last week’s jobs report came in weaker than expected, so investors will be watching closely for any follow-through.
Tapestry (TPR),Dillard′s(TPR), Dillard’s ( DDS), and Birkenstock Holding ($BIRK) all report earnings Thursday. Their results could show how retailers are handling tariff refunds as trade policy continues to shift.
Oil prices fell Thursday as President Trump moved away from active military action toward an economic pressure campaign. The administration also pushed back on private data suggesting low shipping traffic through the Strait of Hormuz, stating the US holds “total control” over the waterway.
Applied Materials ($AMAT) remains the earnings event most on traders’ radar Thursday, with the stock’s 190% one-year run making its report one of the most closely watched of the week.
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