Stock futures up as traders await earnings report

Early on Thursday, stock futures were higher as investors looked to extend a rally from Wednesday, which saw the tech-heavy Nasdaq gain nearly 3%.

Dow futures were up 0.5%, while S&P 500 futures were up 0.3%, and Nasdaq futures were higher by 0.2%.

Following the consumer price index unchanged from June to July, the Nasdaq gained 2.9%, despite a charge higher across risk assets, according to inflation data released on Wednesday. The Nasdaq is up more than 20% from mid-June lows.

On Thursday morning, investors will get another reading on prices when the producer price index is released at 8: 30 a.m. The latest weekly data on initial jobless claims will give an update on the state of the U.S. labor market.

Injuries came as energy prices continued to moderate across the economy, with the average price of a gallon of gas falling below $4 a gallon for the first time since March on Thursday, according to AAA.

The price of gasoline fell 7.7% from June to July, according to Wednesday's CPI data. On June 11, the average price of a gallon of gas was $5 nationally.

The price of WTI crude oil, the U.S. benchmark, was up about 1% on Thursday morning, to just below $93 a barrel.

The price of cryptocurrencies went up more than 6% early on Thursday to near $24,500, the highest level for the market's largest criptocurrency since mid-June.

The price of ether rose 11% to $1,900, the highest since late May, as it went up even more early on Thursday.

Traders will be watching the VIX, known as the market's fear index, which closed below 20 for the first time since early April on Wednesday, as expected volatility declines while the market rally from mid-June lows continues.

After an earnings report out Wednesday, the stock of Disney DIS was in focus early on Thursday with the stock up more than 8% in pre-market trading.