Stock market today: Live updates

U.S. stock futures inched higher Thursday as investors brace for more inflation and labor data, following a volatile session spurred by the release of the August consumer price index.

Dow Jones Industrial Average futures rose 76 points, or 0.2%. S&P 500 futures gained 0.2% and Nasdaq 100 futures added nearly 0.1%.

Nvidia shares climbed 0.9% higher in premarket trading, continuing the chipmaker’s rally that almost singlehandedly led Wednesday’s market turnaround after CEO Jensen Huang touted the company’s “great” demand.

Investors are coming off a choppy trading session session that saw a late-day advance in tech shares help the major benchmarks rebound from their lows. The S&P 500 ended the day higher by 1.07%, even after falling more than 1% on an intraday basis — a first for the broader index since October 2022.

At the same time, the 30-stock Dow gained 124.75 points, or 0.31%, after losing as much as 743.89 points earlier in the session. The Nasdaq Composite closed 2.17% higher, making a comeback from a decline of more than 1%.

Stocks dropped earlier in the day when August’s consumer price index showed an uptick in core inflation, which excludes volatile food and energy prices. The reading spooked investors hoping for a half-percentage point cut from the Federal Reserve at its Sept. 17-18 meeting.

“The inflation report that we saw [on Wednesday] is confirming a trend that we’ve acknowledged over the past couple of months, where now that the Fed is — and I think appropriately so — focused less on inflation and more on economic growth, that completely changes market reactivity,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Wednesday.

Wall Street is anticipating the release of the August producer price index on Thursday. Economists polled by Dow Jones anticipate a rise of 0.2% last month in the headline and core readings, up from 0.1% and 0.0% previously.

Initial jobless claims data for the week ending Sept. 7 is also on deck, and is expected to have slid to 225,000, down from 227,000 the previous week, according to Dow Jones.

On the earnings front, Kroger is slated to report results before the open on Thursday. Adobe will release its quarterly report after the close.