Wall Street futures mixed as traders await PPI, Apple earnings

U.S. stock futures were mixed ahead of the August producer price index, due at 8:30 a.m. ET, with Brent crude above $100 a barrel and the U.S. 10-year Treasury yield hovering near 4.85%.

Economists expected headline PPI to rise about 0.4% month-over-month and core PPI to climb roughly 0.3%. Markets priced roughly a 60% probability of a 25-basis-point Federal Reserve increase next week. The consumer price index for August is scheduled for release on Friday.

Brent traded above $101 after earlier crossing $100 this week amid fighting in the Middle East that has threatened Gulf supply. WTI also remained elevated. Mark Haefele of UBS Global Wealth Management observed, “The psychological impact of $100 oil matters, but earnings growth and structural investment should remain more important for equity investors.”

The Treasury market was under strain after a $6 billion buyback of longer-dated debt failed to fully satisfy some investors, leaving the 10-year yield near its highest level since 2023. A $22 billion auction of 30-year bonds was scheduled for the day, and another buyback operation was also planned.

The European Central Bank was widely expected to raise its deposit rate by 25 basis points to 2.5%. Market attention focused on President Christine Lagarde’s guidance. Economists at ING expected Lagarde to keep options open and not endorse market pricing for three additional hikes by mid-2027.

In corporate news, American Eagle’s shares fell more than 11% in premarket trading despite a reported profit of $0.79 a share after the company reported weaker merchandise margins, a comparable-sales miss and a one-off tariff refund that boosted reported earnings. Apple drew attention after unveiling a $1,999 foldable iPhone Duo. Oracle and Adobe were scheduled to report after the close; Oracle will be watched for AI and cloud demand and related spending, while Adobe faces scrutiny over whether AI features can accelerate recurring revenue.

Upcoming inflation readings, European policy signals and large Treasury operations were adding to market volatility, while elevated energy prices and a busy earnings calendar continued to shape traders’ decisions.