Early Thursday, stock futures experienced a decline following the recent rally of the S&P 500 and Nasdaq Composite to new record highs. Investors are preparing for additional data that will provide insights into the current condition of the U.S. economy. S&P 500 futures experienced a decline of 0.17%, whereas the Nasdaq 100 futures saw a decrease of 0.19%. Futures associated with the Dow Jones Industrial Average experienced a decline of 51 points, representing a decrease of 0.12%.

The recent developments follow a successful trading session on Wall Street, where both the S&P 500 and Nasdaq achieved new intraday and closing record highs on Wednesday, marking the second consecutive day of such performance. Both indexes concluded the session with an increase of 0.32% and 0.14%, respectively. The Dow Jones Industrial Average experienced an increase of 463.66 points, representing a rise of 1.04%.

Tuesday’s session saw the broad market S&P 500 and the tech-heavy Nasdaq reaching record levels, driven by a cooler-than-anticipated inflation report for July. The report fueled optimism among investors regarding a potential rate cut from the Federal Reserve at the conclusion of its September policy meeting.

Additional economic data releases are scheduled for Thursday. The producer price index for July, along with the jobless claims data for the week ending August 9, is scheduled for release at 8:30 a.m. ET. Analysts surveyed by Dow Jones anticipate that the index of wholesale prices will reflect a 0.2% increase for the month. The index exhibited no change in June.

“After yesterday’s ‘not as bad as it could have been’ July Consumer Price Index report, the equity markets are now in full ‘easing expectation’ mode,” stated CFRA Research’s chief investment strategist Sam Stovall. “Even though Thursday’s Producer Price Index (PPI) is projected to show increases on a month-over-month (M/M) and year-over-year (Y/Y) basis, we think investors will overlook them.”

In the context of extended trading on Wednesday, Cisco’s shares experienced a slight decline following a more than 2% drop, despite the major tech company’s fourth-quarter results narrowly surpassing expectations. Companies such as agricultural equipment manufacturer Deere and Coach parent Tapestry are set to announce their most recent quarterly earnings prior to the market opening on Thursday.