Stock market today: Dow, S&P 500, Nasdaq trending higher on rate hike bets, earnings

US stock futures rose on Thursday morning ahead of another inflation reading and a slew of earnings.

Futures on the Dow Jones Industrial Average ( YM=F ) climbed 0.3%, while those on the S&P 500 ( ES=F ) added 0.2%. Contracts for the tech-heavy Nasdaq-100 ( NQ=F ) moved up 0.1% after a calm day on Wall Street.

Cisco ( CSCO ) and Cerebras ( CBRS ) shared better-than-expected quarterly results and outlooks, but their stocks fell in extended trading. Applied Materials ( AMAT ), which makes chipmaking equipment, reports results Thursday after the stock has gained a whopping 190% over the past year.

Data from the Producer Price Index, which tracks inflation from the sellers' perspective, showed prices rising by less than expected, another positive sign for investors after Wednesday's Consumer Price Index report showed inflation easing in July . So-called core readings showed slowdowns of both monthly and annual price appreciation.

Though cooling CPI and PPI data prompted traders to fade bets of a September rate hike, it likely wasn't enough to settle the divide among policymakers, and Fed watchers still expect at least one rate hike by the end of the year.

One key inflation input — oil prices — fell on Thursday as President Trump pivots from an active military campaign to an economic pressure campaign. The Trump administration has stated that the US retains "total control" over the Strait of Hormuz, disputing private data showing low shipping traffic.

Initial jobless claims data on Thursday showed first-time unemployment filings ticked up week over week, while continuing claims, which track people remaining on unemployment, fell — a coda to last week's surprisingly weak jobs report. And earnings from Tapestry ( TPR ), Dillard's ( DDS ), and Birkenstock Holding ( BIRK ) could give investors insight into how retailers are managing tariff refunds .