Nasdaq 100 and S&P500: Tech Stocks Lift Futures Ahead of Key CPI Forecast Today

Futures Climb as Traders Brace for a Complicated Inflation Print

E-mini S&P 500 futures are up about 0.4% early Thursday, with E-mini Nasdaq 100 futures tagging on 0.7% and the E-mini Dow up a modest 0.2%. The bid feels cautious but real — traders want to lean bullish, but no one wants to get caught offsides ahead of the first CPI release since the shutdown.

The tone improved a bit after Micron ripped roughly 10% premarket on strong numbers and an upbeat revenue outlook, giving the broader chip space a small shot of confidence after Wednesday’s bruising.

Technically, both the E-mini S&P 500 and the E-mini Nasdaq-100 Index futures are on the bearish side of their respective 50-day moving averages. This could put traders in “sell the rally” mode, while opening the door to the possibility of a steep decline.

Is the Market Warming Up to a Cooler CPI?

Traders are treating today’s CPI as the main event, even with quirks that could muddle the read. Economists expect a 3.1% headline and 3.0% core print year over year, but the range feels wider than usual thanks to gaps in October data and the late start to November collection.

Some on the Street — like Interactive Brokers’ José Torres — think we could see 2.9% on both measures. A number like that would almost certainly spark a little year-end optimism, especially with expectations building for at least some Fed easing next year.

But others are pushing back on the idea that a tenth of a point is enough to turn the market. The uneven data collection has traders questioning how “clean” this release really is, and that’s one reason positioning feels tentative into the print.

Does a Messy Report Limit the Reaction?

Probably. Victoria Fernandez at Crossmark notes that even a softer CPI won’t fully resolve the broader uncertainty — inflation isn’t sliding toward 2%, growth signals are inconsistent, and the market is still missing key data, including delayed PCE and PPI reports.

That’s leaving investors trading the headline more than the trend, and no one is convinced today’s report settles anything. If anything, the market feels stuck between soft consumer conditions and aggressive earnings expectations for 2026, and traders aren’t sure which story deserves more weight.

Are Tech Traders Ready to Reengage After Yesterday’s Selloff?

Not just yet, though Micron’s pop helps. Wednesday’s session stung: the S&P 500 logged a fourth straight down day, the Nasdaq sold off 1.8%, and semis were hit hard after concerns over big-ticket data center spending.

Oracle dropped more than 5% after news its key investor backed out of a major Michigan project, and the sympathy moves in Nvidia, AMD, and Broadcom showed how sensitive the market still is to AI-related capex headlines.

The sector is still up roughly 19% this year, so some cooling off isn’t shocking, but buyers weren’t eager to step in yesterday.

Any Bright Spots Outside Tech?

A few. Accenture beat expectations and traded up more than 1%, a small but welcome reminder that some corners of corporate America are still executing cleanly. Micron and MillerKnoll both delivered strong earnings and upbeat guides, giving traders something positive to chew on ahead of CPI.

Bottom line: Futures have a mild bid, helped by a couple of solid earnings beats, but the market knows the real move comes after CPI. A softer reading could spark a little year-end chase — if traders trust the data. Right now, that trust is the missing piece.

More Information in our Economic Calendar.