U.S. stock futures are little changed after the S&P 500 and Nasdaq set fresh records yesterday; investors are watch for today’s release of the Producer Price Index, which is expected to show wholesale inflation ticked higher in July; Cisco Systems’ (CSCO) quarterly results narrowly beat expectations as the networking giant looks ahead to AI growth; Bullish (BLSH) shares are continuing to surge in premarket trading after the cryptocurrency exchange soared in its debut; and investors are watching Paramount Skydance (PSKY) after the newly merged company’s shares surged nearly 40% Wednesday. Here’s what investors need to know today.

1. US Stock Futures Little Changed as Investors Look Ahead to Inflation Data

U. S. stock futures are little changed a day after the Nasdaq and S&P 500 hit fresh record highs as investors watch for fresh inflation data today. Nasdaq and S&P 500 futures are barely changed, while Dow Jones Industrial Average futures also are essentially flat after the blue-chip index posted a narrow gain yesterday. Bitcoin (BTCUSD) is trading below $121,000 after setting an all-time high Wednesday. The yield on the 10-year Treasury note is declining. Oil futures are edging higher while gold futures are pointing lower.

2. Wholesale Inflation Likely to Move Higher in July PPI Report

Inflation at the wholesale level is expected to have ticked higher in July when the Producer Price Index (PPI) data is released at 8:30 a.m. ET.  The PPI report is expected to show that wholesale prices ticked up 0.2% in July from flat in June, according to economists surveyed by Dow Jones Newswires and The Wall Street Journal. The closely watched “core” PPI reading, which takes out volatile food and fuel prices, is expected to have risen 0.3% in July after a flat reading in June. The report follows the Consumer Price Index released early this week, which showed that tariffs were having a minimal impact so far on inflation.

3. Cisco Results Narrowly Top Expectations as Firm Looks to AI Growth

Cisco Systems (CSCO) reported quarterly results that narrowly topped analysts’ expectations, while its CEO suggested bigger gains could be ahead as the company looks to capitalize on growing AI demand. The networking giant posted adjusted earnings per share of 99 cents on revenue that jumped 8% year-over-year to $14.7 billion, slightly above estimates compiled by Visible Alpha. Strong growth in AI infrastructure orders helped push Cisco’s annual total over $2 billion, more than double the company’s $1 billion target, even as sales from its security and observability segments missed projections. Shares of Cisco are 1% lower in premarket trading.

4. Bullish Stock Continues Climb After Soaring in Trading Debut

Bullish (BLSH) stock is surging 10% in premarket trading after soaring in the cryptocurrency exchange’s debut Wednesday on the New York Stock Exchange. Bullish shares finished the day at $68, nearly double its initial public offering price of $37 per share. Backed by PayPal founder and billionaire venture capitalist Peter Thiel, Bullish sold 30 million shares in the offering, raising about $1.1 billion in proceeds.

5. ‘Meme Stock’ Paramount Skydance in Focus After Soaring Wednesday

Paramount Skydance (PSKY) soared nearly 37% Wednesday after CNBC commentator Jim Cramer called it a “meme stock” in an X post. The recently merged media conglomerate experienced a surge in trading volume after Cramer’s tweet noting the company’s “small float” of shares available to the public. A small float, which allows a group of people to move the share price substantially, is a quality that meme stocks usually have in common. Paramount shares are down less than 1% in premarket trading.