Markets Await Key Economic Data and Arm's NYSE Debut

Stock futures rose on Thursday morning as traders geared up for the release of the August Producer Price Index, which gauges wholesale inflation.

S&P 500 futures increased by 0.39%, and Nasdaq 100 futures also saw a 0.39% uptick.

Arm, the British chip design company established in 1990, is set to commence trading on the New York Stock Exchange today, marking its first appearance since being taken private by SoftBank in 2016. On Thursday, SoftBank's shares dipped slightly following Arm's initial public offering pricing at $51 per share.

Traders were closely watching the August Consumer Price Index (CPI) reading. The core CPI, excluding food and energy, showed a 0.3% increase from the previous month and a 4.3% rise from the same period a year ago, in line with economists' expectations.

Headline inflation also grew by 0.6% on a monthly basis and 3.7% from the prior year, meeting economists' predictions.

The August CPI data is not anticipated to alter the Federal Reserve's stance, with a 97% probability of unchanged interest rates next week, according to CME FedWatch Tool data.

Another key inflation indicator to be released on Thursday is the August producer price index, which economists expect to have increased by 0.4%, following July's surprising 0.3% rise in wholesale prices. Additionally, retail sales and jobless claims data are scheduled to be released before the market opens.

Nasdaq is currently retracing towards the 15,300-support level and aiming for the 16,000 mark, its previous peak. This higher level poses a significant challenge for further advancement. Additionally, the median line of the long bullish channel continues to support the trend.