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U.S. stock index futures slipped on Thursday, easing from a strong week-to-date rally as investors awaited fresh inflation readings and retail sales data that could shape the Federal Reserve’s next move on interest rates.
At 05:50 ET (09:50 GMT), Dow Jones Futures fell 135 points, or 0.3%, while S&P 500 Futures dropped 32 points, or 0.6%, and Nasdaq 100 Futures slipped 153 points, or 0.7%.
Despite the pullback, all three major indices remain on track for solid weekly gains, fueled by optimism around a temporary trade truce between the U.S. and China. The Dow is up nearly 2%, the S&P 500 has added 4.1%, and the Nasdaq Composite is up 6.8% so far this week.
Focus Shifts to Economic Indicators
With trade tensions appearing to ease for now, market attention has pivoted to the state of the U.S. economy. Two key data releases are due Thursday:
- Producer Price Index (PPI): The April print is expected to rise 0.2% month-on-month, following a rare decline in March. On a year-over-year basis, PPI is forecast to ease to 2.5% from 2.7%, suggesting continued moderation in wholesale inflation.
- Retail Sales: After a surge in March driven by pre-tariff stockpiling and consumer anticipation of higher prices, analysts are watching closely to see if spending cooled in April. The reading will offer insights into household resilience amid inflation and geopolitical risks.
The data arrives just days after a weaker-than-expected CPI report, which boosted hopes that inflation is softening and opened the door for a potential Fed rate cut later this year.
Powell Speech in Focus
Federal Reserve Chair Jerome Powell is also slated to speak Thursday at a conference in Washington, D.C. Investors will be parsing his comments for any policy signals, especially following last week’s rate decision in which the Fed held rates steady and Powell acknowledged a complex mix of resilient growth and inflationary risks.
Walmart Headlines Earnings Slate
On the corporate front, Walmart (NYSE:WMT) will report quarterly results before the opening bell. As the nation’s largest retailer and a barometer of consumer health, Walmart’s update is likely to influence broader market sentiment.
The company offered cautious guidance earlier this year, warning about the impact of higher prices on discretionary spending, even as it emphasized consumer focus on value.
Other key earnings to watch:
- Alibaba (NYSE:BABA): The Chinese tech giant is expected to reflect signs of recovery in e-commerce and consumer demand in China.
- Deere & Company (NYSE:DE): Investors will gauge the impact of input costs and global economic conditions on the agricultural equipment giant.
Movers: UnitedHealth Sinks, Foot Locker Surges
UnitedHealth (NYSE:UNH) dropped sharply in premarket trading after reports that the U.S. Department of Justice is investigating the company for potential Medicare fraud. The probe comes on top of other pressures, including internal leadership changes and regulatory scrutiny. Shares are down nearly 39% in 2025.
Meanwhile, Foot Locker (NYSE:FL) surged after a report by the Wall Street Journal said Dick’s Sporting Goods (NYSE:DKS) is close to acquiring the retailer in a $2.3 billion deal.
