US stocks futures diverged on Thursday morning as a rally in oil prices took a breather and investors awaited wholesale inflation data and Oracle (ORCL) earnings.
Futures on the Dow Jones Industrial Average (YM=F) rose 0.3%, while those on the S&P 500 (ES=F) added 0.2%. Contracts for the Nasdaq-100 (NQ=F), meanwhile, slipped 0.1%.
Stocks have cooled this week as oil prices topped $100 per barrel, a move that has helped support rising Treasury yields. The 10-year yield (^TNX) hit a three-year high on Wednesday after the Treasury Department announced it would buy up to $6 billion in longer-term debt.
President Trump said Wednesday that oil prices may not come down until after the midterm elections two months away. The ongoing US-Iran war and disruptions in the Strait of Hormuz have raised concerns that an energy shock could flow into broader inflation and all but force the Federal Reserve to raise interest rates.
On Thursday, wholesale inflation data will provide a look at the prices producers are paying, which sets the stage for the government's consumer inflation report, due out Friday. Economists expect the Producer Price Index to increase 0.3% year over year.