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Wall Street's main indexes have come under pressure in December
after two consecutive months of gains on fears of a potential
recession fueled by the extended U.S. monetary policy tightening
as well as downbeat comments from top executives.
The Labor Department's report, at 8:30 a.m. ET, is expected to
show producer prices edged higher to 7.2% last month after an 8%
rise in October.
Core producer prices, which exclude volatile food and energy
components, are expected to show a 5.9% rise after a 6.7% growth
in October.
"The big question is whether this trend can be maintained
against a U.S. central bank that doesn't want to be seen as
going soft on inflation, and services and wages data that points
to a U.S. economy that is slightly more resilient than
originally thought," said Michael Hewson, chief market analyst
at CMC Markets.
Consumer prices data for November will be out next Tuesday, a
day ahead of the U.S. central bank's policy decision where it is
widely expected to raise rates by 50 basis points.
U.S. stocks snapped a recent run of losses on Thursday after
data showed initial jobless claims modestly rose last week,
suggesting the labor market is deteriorating.
Meanwhile, the University of Michigan's preliminary December
reading on the overall index on consumer sentiment is expected
to have improved after slumping in November. The data is due at
10:00 a.m. ET.
At 5:15 a.m. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500
e-minis were up 8.75 points, or 0.22%, and Nasdaq 100 e-minis
were up 35 points, or 0.3%.
Broadcom Inc inched up 3.4% in premarket trading after the
chipmaker forecast current-quarter revenue above Wall Street
estimates.
DocuSign Inc soared 12% after the electronic signature product
provider reported better-than-expected third-quarter revenue.
U.S.-listed China stocks rose on optimism over China's COVID
policy pivot. Internet firm Bilibili Inc advanced 5.6%, while
search engine giant Baidu Inc climbed 3.7%.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj
Kalluvila)
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