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Lower Oil Prices Lift Wall Street Pre-Bell; Asia, Europe Up

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Wall Street futures pointed modestly higher pre-bell Thursday as petroleum prices eased and as traders continued to weigh the earnings season.

In futures, the S&P 500 rose 0.2%, the Nasdaq rose 0.1%, and the Dow Jones rose 0.2%.

West Texas Intermediate crude oil traded down 2.1% at $81.52, after media reports of softer global demand.

On the earnings scene, Cerebras Systems (CBRS) traded down 18.4% pre-bell after the advanced processor manufacturer reported larger-than-expected Q2 losses late Wednesday.

Investors also await the July producer price index (PPI) report for July at 8:30 am ET, for a read on how higher oil bills are impacting manufacturers and wholesalers.

Asian exchanges traded mostly higher overnight, while European bourses tracked moderately higher at midday on the continent.

Also on the economic calendar is the weekly jobless claims bulletin at 8:30 am ET, followed by the weekly EIA natural gas report at 10:30 am.

Federal Reserve Cleveland President Beth Hammack, Richmond President Thomas Barkin and Atlanta President Cheryl Venable are slated to speak on Thursday.

In pre-market action, Bitcoin traded at $63,551, and 10-year US Treasuries offered 4.66%. Spot gold commanded $4,386 an ounce.

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