US Stock Futures Flat as Investors Await Key CPI Data; Oracle Jumps on AI-Fueled Earnings

U.S. stock index futures were little changed in evening trading on Thursday as investors awaited a key inflation report for clues on the Federal Reserve's next policy move. The muted session for futures followed a Wall Street decline, though software giant Oracle provided a bright spot with strong, AI-driven earnings.

Market Awaits Inflation Cues

As of 7:17 PM ET (23:17 GMT), S&P 500 Futures were steady at 7,600.75 points, Nasdaq 100 Futures edged down 0.09% to 29,108.25 points, and Dow Jones Futures were flat at 52,105.0 points.

The market's focus is squarely on the upcoming Consumer Price Index (CPI) data for August, due Friday. Economists expect headline CPI to remain steady at 3.4% annually, while core CPI, which excludes volatile food and energy prices, is forecast to ease slightly to 2.4%.

This report is critical for gauging the path of interest rates, especially after a hotter-than-expected Producer Price Index (PPI) report on Thursday fueled inflation concerns. Following the PPI data, the probability of a 25-basis-point rate hike by the Federal Reserve next week rose to 66.7%, according to the CME FedWatch Tool.

Oracle Surges on AI Demand

In corporate news, Oracle Corporation (NYSE:ORCL) shares jumped 4.3% in aftermarket trading. The company reported stronger-than-expected quarterly earnings and raised its annual guidance, citing robust demand for its AI-related cloud services.

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Key highlights from Oracle's report include:

• Over $30 billion in new AI cloud contracts booked in the quarter.
• A total revenue backlog reaching $664 billion.
• An increased fiscal 2027 adjusted earnings forecast, now at $8.10 per share.

The strong results helped alleviate investor concerns that Oracle's heavy investments in artificial intelligence were not yet generating sufficient returns.

Broader Market Backdrop

The caution in futures markets followed a negative session on Wall Street, where the S&P 500 fell 0.58%, the NASDAQ Composite lost 0.65%, and the Dow Jones Industrial Average declined 0.60%. The losses were driven by rising U.S. Treasury yields and concerns over persistent inflation.

In other after-hours movers, Adobe Systems Incorporated (NASDAQ:ADBE) fell 2%. While the software company also reported strong quarterly results, its forward-looking guidance appeared to disappoint investors.