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Futures extend gains ahead of new inflation data

After a weaker-than-expected rise in consumer prices on Wednesday, investors trimmed their bets on another super-big hike in interest rates, sending major indexes sharply higher.

The gains came as Federal Reserve policymakers left no doubt that they will continue to tighten monetary policy until price pressures are completely broken.

Traders are now pricing in a more than 60% chance that the US central bank will raise interest rates by 50 basis points instead of the 75 basis points previously forecast. [IRPR]

Producer price data and the latest jobless claims figures are due at 8:30 a.m. ET

At last close, the Nasdaq was more than 20% above its June low, but still below its November high to confirm a new bull market.

The tech-heavy index fell 17.9% year-to-date despite a recent rebound as expectations of aggressive monetary policy dampened appetite for equities, particularly high-growth stocks.

As of 7:01 a.m. ET, the Dow e-minis were up 129 points, or 0.39%, the S&P 500 e-minis were up 11.5 points, or 0.27%, and the Nasdaq 100 minis were up 19 points, or 0.14%.

Banks look poised to continue their climb, with Bank of America up 1% in premarket trading, while growth and tech megacaps, which led the overnight rally, were mixed.

Walt Disney jumped 7.8% as the media giant overtook rival Netflix Inc. with 221 million streaming subscribers and announced it would raise prices for customers who want to watch Disney+ or Hulu without commercials.

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