U.S. stock futures retreated on Thursday morning after a key inflation report showed a faster-than-expected rise in prices.
Futures for the Dow Jones Industrials gained 67 points, or 0.2%, to 35,707.
Futures for the S&P 500 fell 1.75 points to 4,576
Futures for the NASDAQ slid 14.75 points, or 0.1%, to 15,023.50.
Shares of Dow 30 component Disney jumped nearly 8% in pre-market trading after the company reported a quarterly earnings beat and a doubling of revenue from its parks, experiences and consumer products division. Uber gained 5.75% in extended trading after reporting a revenue beat and a bounce back from omicron-induced challenges.
Elsewhere, Twitter shares also rose pre-market, jumping 4% after the company announced a $4 billion stock buyback program. Coca-Cola shares were up nearly 2% after the soft drink giant reported earnings and revenue that beat Wall Street estimates.
Investors were preparing for Thursday’s Consumer Price Index report, which was expected to show headline inflation for January at the highest level since 1982. Headline inflation including food and energy costs was expected to rise by 0.4%, or 7.2% year-over-year.
Economists will be watching to see whether the monthly gain shows that the pace of price increases could be ready to turn a corner.
Early pandemic winners of 2022, including Shopify and Etsy, as well as stay-at-home stocks like DocuSign and Zoom, were some of the biggest winners Wednesday.
Last month Netflix reported disappointing quarterly earnings, which added to investors’ skittishness towards tech stocks and the volatility in trading that followed.
Twitter, Coca-Cola and Kellogg are scheduled to report earnings before the opening bell Thursday. Expedia, Affirm and Zillow will report after the closing bell.
Overseas, in Japan, the Nikkei 225 gathered 0.4% Thursday, while in Hong Kong, the Hang Seng took on 0.4%.
Oil prices gained $1.08 to $90.74 U.S. a barrel.
Gold prices dropped $5.40 to $1,831.20 U.S. an ounce.