US stock futures gained on Thursday as investors looked ahead to the next batch of earnings and the upcoming inflation update on the heels of a stronger-than-expected January jobs report.

Dow Jones Industrial Average futures (YM=F) and S&P 500 futures (ES=F) rose around 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) added 0.2%. The muted moves follow a choppy session on Wall Street that saw the major stock indexes end little changed.

Attention is starting to turn to Friday’s Consumer Price Index report, the Federal Reserve's preferred gauge of inflation. A softer reading will build hopes that price pressures are easing while economic growth remains intact.

Meanwhile, an update on weekly jobless claims due later is in focus after nonfarm-payrolls data showed the US economy added twice as many jobs as anticipated in January. The strength in hiring complicates expectations for Fed policy. A resilient labor market, paired with sticky inflation, is seen as reducing the likelihood of near-term interest-rate cuts — a key driver of recent equity gains.

On the earnings front, Cisco Systems (CSCO) tumbled roughly 7% after missing profit expectations in its late Wednesday report. McDonald’s (MCD) shares slipped despite the burger giant's earnings beat. Looking ahead, Coinbase (COIN), Applied Materials (AMAT), and Rivian (RIVN) are highlights on Thursday's docket, all due after the market close.

Bloomberg reports:

Oil climbed for a second day as traders focused on tensions between the US and Iran that have overshadowed signs of swelling supplies.

Brent (BZ=F) rose toward $70 a barrel, after gaining almost 1% on Wednesday, with West Texas Intermediate (CL=F) near $65. While US President Donald Trump signaled his goal was to reach a nuclear deal with Tehran — commenting after talks with Israeli Prime Minister Benjamin Netanyahu — traders remain concerned about the potential for military strikes and risks to supply.

Crude has gained every week this year, with a single exception, as geopolitical risks drove futures higher. The US intervened in Venezuela in January, then pivoted to Iran after a wave of protests challenged the Islamic Republic’s leadership. Still, banks maintain there’s abundant supply, with Goldman Sachs Group Inc. saying that the surplus was appearing, but it was mainly doing so in locations that are less significant for price-setting.

US crude inventories jumped 8.5 million barrels last week to the highest since June, according to the Energy Information Administration. Later Thursday, the International Energy Agency, the Paris-based adviser to major economies, is due to issue its monthly outlook that may again flag a glut.

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Bloomberg reports:

Gold (GC=F) slipped after robust US jobs data reduced expectations the Federal Reserve will move quickly to cut interest rates.

Bullion retreated as much as 0.6% on Thursday, after adding 1.2% in the previous session. US payrolls rose by the most in more than a year and the unemployment rate fell unexpectedly in January, suggesting the American labor market continued to stabilize at the start of 2026.

The data may reinforce Fed officials’ inclination to keep interest rates on hold for now, with many traders appearing to push out their timeline for the next rate cut to July from June. Lower interest rates are a tailwind for precious metals, which don’t pay interest.

Despite its early losses on Thursday, gold continued to hold above $5,000 an ounce and has clawed back around half of the losses sustained during a historic rout at the turn of the month. The precious metal surged to a record high above $5,595 an ounce in late January before a wave of speculative buying saw the rally get overheated. Bullion then plunged about 13% in two sessions.

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