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Republicans were edging closer to securing a majority in the U.S. House of Representatives early on Thursday but the control of the Senate hung in balance, two days after Democrats staved off a Republican “red wave” in the elections.
Inflation data, due at 8:30 a.m. ET (1330 GMT), is expected to show consumer prices moderated to 8% in October from 8.2% in September, while the core rate, which excludes volatile food and energy prices, is expected to have increased 6.5% on a year-on-year basis last month, from 6.6% in September.
“The market is hoping they (CPI numbers) will deliver firmer signs that inflation in the U.S. has peaked and which … in turn will raise expectations that the pace and severity of the monetary tightening being delivered by the Fed can be eased,” Stuart Cole, head macro economist at Equiti Capital, said.
Traders are split on whether a 50 basis points or 75 basis points rate hike by the Fed is likely in December.
At 5:44 a.m. ET, Dow e-minis were up 29 points, or 0.09%, S&P 500 e-minis were up 6.5 points, or 0.17%, and Nasdaq 100 e-minis were up 33.25 points, or 0.31%.
Rivian Automotive Inc gained 6.7% after the electric-vehicle maker reported a smaller-than-expected loss, higher number of preorders and reaffirmed its full-year production outlook.
Online dating firm Bumble Inc fell 11.4% in thin trading as it forecast fourth-quarter revenue below Wall Street expectations.
The CBOE volatility index, also known as Wall Street’s fear gauge, rose to 26.56 points, and was close to a weekly high.
