Futures edge higher on inflation cheer

U.S. stock index futures edged higher in the early hours of Thursday on lingering optimism over upbeat inflation data, while Disney took a hit as it lost subscribers in the prior quarter.

The Nasdaq index ended Wednesday at its highest level in more than eight months, boosted by large-cap technology stocks as Treasury yields fell after data showed April consumer prices slowed slightly from a year ago, raising hopes that the Federal Reserve’s interest rate-hiking cycle is close to an end.

At 4:46 a.m. ET, Dow e-minis were up 39 points, or 0.12%, S&P 500 e-minis were up 11.5 points, or 0.28%, and Nasdaq 100 e-minis were up 35 points, or 0.26%.

On tap for the day, the Labor Department’s Producer Price Index (PPI) for final demand is likely to show a 0.3% increase in April, after falling 0.5% in the previous month. Initial claims for state unemployment benefits, also due at 0830 ET (1230 GMT), likely rose to 245,000 in the week ended May 6, from 242,000 in the previous week.