U.S. stock futures inch up after largely soft producer inflation data

U.S. stock index futures saw a slight increase on Thursday following producer inflation data that was less severe than anticipated. At 09:01 ET (13:01 GMT), S&P 500 futures gained 0.2%, Dow futures rose 0.4%, and Nasdaq 100 futures climbed 0.1%. Equities previously had a mixed session, with support largely driven by a renewed advance in technology stocks powered by strong returns from artificial intelligence-linked companies.

The S&P 500 gained 0.26%, the tech-heavy Nasdaq Composite surged 0.5%, while the Dow Jones Industrial Average edged down slightly by 0.04%. In premarket trading on Thursday, Cisco Systems shares fell, despite the networking equipment provider releasing strong quarterly results. Analysts noted that expectations for the company were extremely high ahead of the earnings.

Cisco's stock has surged over 60% this year, thanks to surging demand for AI infrastructure equipment. Cisco CEO Chuck Robbins told the Wall Street Journal that the company has never seen demand like this across its entire portfolio in three decades. Cisco has received billions of dollars in orders from major tech firms investing heavily in AI development.

Applied Materials, an AI chip equipment supplier, is set to report latest results after the market close on Thursday. Analysts expect the company to post adjusted fiscal third-quarter earnings per share of $3.42 on net sales of $9.02 billion. The seemingly unquenchable demand for advanced AI chips has boosted semiconductor gear providers like Applied Materials, as these processors require more silicon wafers and complex manufacturing tools.