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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.
(Reporting by Shubham Batra and Bansari Mayur Kamdar in
Bengaluru; Editing by Shounak Dasgupta)
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