US Stock Futures Edge Sideways as Investors Monitor Ukraine Peace Talks and Inflation Data

US stock futures exhibited sideways movement on Thursday as investors weighed the prospects of peace talks between the US and Russia regarding the conflict in Ukraine while awaiting the release of crucial wholesale inflation data.

Index Futures Fluctuate

Futures contracts for the Dow Jones Industrial Average (YM=F) and S&P 500 (ES=F) oscillated around the flatline after closing lower on Wednesday. Nasdaq 100 (NQ=F) futures, tracking tech-heavy stocks, also showed minimal change.

Muted Sentiment Amid Peace Hopes

Despite aspirations for an end to the Ukraine war following the agreement between former President Trump and Russian leader Putin to initiate peace negotiations, market sentiment remained subdued. The US dollar (DX-Y.NYB, DX=F) depreciated following the news.

Producer Price Index in Focus

Investors anticipated the release of January's producer price index (PPI), which gauges wholesale costs for companies, due at 8:30 a.m. ET. The PPI is expected to show a slight cooling, providing insights into inflation trends after a surge in consumer inflation.

Inflation Concerns and Tariff Speculation

Inflation remains a primary concern, especially after a spike in consumer expectations and Trump's announcement of potential tariffs. Reports indicate that Trump may introduce reciprocal tariffs at a meeting with India's leader on Thursday, intensifying price pressures.

Jobless Claims and Earnings

The weekly jobless claims report will provide a glimpse into the labor market, a key aspect of the Federal Reserve's policy decisions. Earnings season continues, with strong results reported by a majority of S&P 500 companies thus far.

Notable Earnings Reports

Anticipated earnings reports for Thursday include:

* Airbnb (ABNB)
* Applied Materials (AMAT)
* Coinbase (COIN)

Additional Market Highlights

* Asian shares rose, fueled by optimism surrounding peace talks between the US and Russia.
* Oil prices declined amid hopes of resolving the Ukraine conflict.
* Meta outperforms Wall Street, while other Big Tech companies struggle.
* Elon Musk proposes eliminating government agencies.
* Goldman Sachs warns of stock market risks as investors pile in.