Dow Futures Rise After CPI Slowdown

Futures on the Dow Jones Industrial Average (DJI) are trading well above fair value, as Wall Street digests the Labor Department's report that consumer prices rose by a slimmer-than-expected 0.2% last month -- echoing Wednesday's tame inflation data. Elsewhere on the economic front, weekly jobless claims fell to a lower-than-forecast 204,000 last week. Plus, Hurricane Florence remains in focus, with the massive storm -- now downgraded to a Category 2 -- expected to make landfall on North Carolina's southern coast on Friday. Nevertheless, oil prices are paring recent gains, with the October-dated contract down 1.1% at $69.59 per barrel.

Continue reading for more on today's market, including:

• Founder and CEO Bernie Schaeffer breaks down the rising share price of S&P stocks.
• History suggests it could be time to buy this FAANG stock.
• Analyst: This tech stock could surge 50%.
• Plus, Pivotal Software braces for a big drop; a Street-high QCOM price target; and the biotech stock Jefferies is buying.

5 Things You Need to Know Today

1. The Chicago Board Options Exchange (CBOE) saw 1.13 million call contracts traded on Wednesday -- the most since Aug. 16 -- compared to 625,266 put contracts. The single-session equity put/call ratio fell to 0.55, and the 21-day moving average remained at 0.61.
2. Pivotal Software Inc (NYSE:PVTL) reported a smaller-than-expected second-quarter loss of 6 cents per share on stronger-than-forecast revenue of $164.4 million. However, the software company missed on billings, operating margins, and its deferred revenue forecast, sending PVTL stock down 26% ahead of the bell.
3. Qualcomm, Inc. (NASDAQ:QCOM) said it's kicked off $16 billion in stock buybacks as part of a larger $30 billion share repurchase program announced after the tech firm nixed its bid for NXP Semiconductors (NXPI) in late July. Plus, Barclays reinstated coverage on QCOM with an "overweight" rating and Street-high $95 price target. In reaction, the tech stock is up 2.9% in electronic trading, on track to open at a three-year high of $73.80.
4. Jefferies initiated coverage on Cara Therapeutics Inc (NASDAQ:CARA) with a "buy" rating and $30 price target -- a nearly 44% premium to last night's close at $20.85. The biotech shares are up 3.6% in pre-market trading, set to open near previous resistance at $22.

5. The Treasury budget will be released today. Plus, Fed Vice Chair Randal Quarles and Atlanta Fed President Raphael Bostic will speak. Earnings reports are due from Kroger (KR), Adobe Systems (ADBE), and Oracle (ORCL).

Turkey Hikes Interest Rates to Lift Lira

Asian stock markets saw a rare dose of buying thanks to news reports of rebooted trade talks between the U.S. and China. Hong Kong’s Hang Seng had the best day, snapping its six-session skid by adding 2.5%. China’s Shanghai Composite also rallied, closing up 1.2%, and Japan's Nikkei was close behind with a 1% gain. Meanwhile, South Korea’s Kospi settled up 0.1%.

Stocks are mostly higher in Europe, too, where traders are digesting a raft of central bank news. Specifically, the Bank of England (BOE) and European Central Bank (ECB) both held rates steady, as was expected. Attention now shifts to a press conference from ECB President Mario Draghi. Elsewhere, the Central Bank of the Republic of Turkey (CBRT) hiked its interest rate to try and boost the lira.

Meanwhile, tech stocks are some of the top gainers, while mining and auto stocks are also rising on the upbeat trade headlines. But while the French CAC 40 and German DAX were last seen sporting respective gains of 0.5% and 0.7%, the FTSE 100 is down 0.2% in London.