Wall Street stocks were poised for a higher open on Thursday, as faith grew that the Federal Reserve won’t hike interest rates at its next meeting after August inflation showed just a modest rise.

S&P 500 (^GSPC) futures gained 0.4%, while those on the the Dow Jones Industrial Average (^DJI) ticked up 0.3%, or about 100 points. Nasdaq 100 futures added around 0.5%, as tech investors counted down to Arm’s IPO.

Despite much anticipation, markets were little moved by Wednesdays’ consumer inflation report. Last month’s uptick in prices won’t be enough to prompt the Fed to change course, economists said. Traders now see a 97% chance policymakers will hold rates steady at their September 19-20 meeting, according to data from the CME group.

More inflation data due Thursday could sway those bets, with the August update on producer prices and retail sales scheduled before the bell. A reading on jobless claims is also on deck.

Eyes will also be on Arm’s debut on the Nasdaq on Thursday, after the Softbank-backed chip designer priced its blockbuster IPO at the top of the range at $51 per share, for a $52 billion valuation.

Also in focus was the ongoing rally in oil prices, given their significant effect on inflation and on stocks. WTI crude (CL=F) and Brent (BZ=F) futures were trading near 10-month highs on Thursday.

Elsewhere, it’s seen as a close call whether the European Central Bank will halt its run of record interest-rate hikes on Thursday morning.

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