[BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +38.00.
The stock market is on course for a modestly higher open, as the S&P 500 futures are trading nine points, or 0.3%, above fair value.
President Trumps's chief economic adviser, Larry Kudlow, has confirmed a Wednesday report that the U.S. is proposing a new round of trade talks with China, and China said it has received the invitation and welcomed it. The positive headlines have helped underpin the futures market this morning.
Elsewhere, a trio of central banks released their latest policy decisions this morning, including the European Central Bank, the Bank of England, and the Central Bank of Turkey. The ECB and the BoE kept interest rates unchanged, as expected, while Turkey's central bank increased its benchmark rate to 24% from 17.75%, pushing the struggling Turkish lira up 3.0% against the U.S. dollar to a two-week high.
On the data front, total CPI increased 0.2% (Briefing.com consensus +0.2%) in August, and core CPI, which excludes food and energy, rose 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.7% (vs +2.9% in July) and core CPI is up 2.2% (vs +2.4% in July).
Separately, the latest weekly initial jobless claims count totaled 204,000, while the Briefing.com consensus expected a reading of 210,000. Today's tally was below the revised prior week count of 205,000 (from 203,000). As for continuing claims, they declined to 1.696 million from a revised count of 1.711 million (from 1.707 million).
Treasury yields have fallen sharply in response to the lower-than-expected core CPI figure, with the benchmark 10-yr yield dropping to 2.94% from 2.98%. Today's last economic report, the August Treasury Budget, will cross the wires this afternoon at 2:00 PM ET.