Stock futures inch higher after S&P 500 notches highest close since April 2022: Live updates

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023. 

Brendan McDermid | Reuters

Stock futures inched higher in overnight trading after the S&P 500 closed at its highest level in over a year. Markets also looked ahead to another key inflation reading.

Disney shares added nearly 1% in extended trading after the entertainment giant extended CEO Bob Iger's contract through 2026, two years longer than planned.

Futures tied to the S&P 500 rose 0.08%, while Nasdaq 100 futures added 0.14%. Futures connected to the Dow Jones Industrial Average gained 27 points, or 0.08%.

Stocks surged on Wednesday after a cooler-than-expected June consumer price index report eased some worries that the Federal Reserve may tip the economy into a recession as it fights to bring down sticky inflation.  

The S&P 500 and Nasdaq Composite jumped 0.74% and 1.15%, respectively, to hit their highest closing levels since April 2022. The Dow Jones Industrial Average added 86.01 points, or 0.25%.

Fundstrat's Tom Lee told CNBC's "Closing Bell: Overtime" on Wednesday that today's CPI print, future expectations for easing and recent stock activity paint a market that is "behaving more like a soft landing" scenario that many deemed unreachable at the start of 2023.  

"I think the Fed has to sort of start to accept that this is indeed a breakdown of inflationary pressures, and so, they may potentially then reduce their notion of higher for longer, or the market begins to price it in," he said. "That's not a guarantee, but again, we believe that's the case."

Investor attention turns toward the producer price index, another key inflation gauge due out Thursday. The results could heavily influence future central bank interest rate hikes and decipher the road ahead for inflation.

After a pause in June, traders are pricing in a more than 92% chance of that the central bank hikes rates at its policy meeting later this month, according to CME Group's FedWatch tool.

The early innings of second-quarter earnings season continues Thursday with results from PepsiCo, Delta Air Lines and Fastenal before the bell.  

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