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US stocks futures diverged on Thursday morning as a rally in oil prices took a breather and investors awaited wholesale inflation data and Oracle (ORCL) earnings.
Futures on the Dow Jones Industrial Average (YM=F) rose 0.3%, while those on the S&P 500 (ES=F) added 0.2%. Contracts for the Nasdaq-100 (NQ=F), meanwhile, slipped 0.1%.
Stocks have cooled this week as oil prices topped $100 per barrel, a move that has helped support rising Treasury yields. The 10-year yield (^TNX) hit a three-year high on Wednesday after the Treasury Department announced it would buy up to $6 billion in longer-term debt.
President Trump said Wednesday that oil prices may not come down until after the midterm elections two months away. The ongoing US-Iran war and disruptions in the Strait of Hormuz have raised concerns that an energy shock could flow into broader inflation and all but force the Federal Reserve to raise interest rates.
On Thursday, wholesale inflation data will provide a look at the prices producers are paying, which sets the stage for the government’s consumer inflation report, due out Friday. Economists expect the Producer Price Index to increase 0.3% year over year.
Investors are also considering a proposal Trump floated in Dallas on Wednesday to send every American adult a $5,000 check if the Republicans keep control of Congress in the midterm elections. It’s not clear how Trump would implement such a costly measure, as Congress would need to approve it.
After the bell, Oracle (ORCL) is expected to report earnings, offering a reality check on AI capital expenditures and demand.
LIVE 1 update
Trump floats paying every American $5,000 if GOP wins midterms
At the Republican midterm convention in Dallas on Wednesday, President Trump issued a huge midterm election promise, vowing to send every American a $5,000 check if the GOP retains control of Congress.
“If the Republicans win, you win with us, and you get $5,000,” Trump said, without offering details about how the payments would work.
The proposal would cost over $1 trillion. It would also require approval by Congress, which would be a tough sell.
President Donald Trump speaks on stage on the first day of the 2026 Republican National Convention at the American Airlines Center on Sept. 9, 2026, in Dallas, Texas. (Alex Wong/Getty Images) · Alex Wong via Getty Images The promise from the campaign trail comes as Trump’s approval ratings have dropped as Americans grow dismayed by rising oil prices from the Iran war and the US’s trade spat with Canada.
According to the AP, Vice President JD Vance appeared to walk back the proposal after Trump’s speech, suggesting that the payments would not go to wealthy Americans and would be paid for by tariff revenues. Though the price tag of the “Trump dividend” would exceed what the US government is currently bringing in from its trade policies.
