US stocks eye higher open amid volatility

U.S. stock index futures indicated a higher open on Thursday after another day of volatility on Wednesday and in spite of another round of disappointing data from Japan and China.

Traders will look past economic reports Thursday and the normal triggers of market movements to see if conditions stabilize, creating an environment where the Fed would be more comfortable hiking rates for the first time in more than nine years.

Wall Street is plainly split on whether the Fed will hike next week, with some saying the markets are already displaying enough volatility to sideline the central bank for several months or more.

But most agree the markets have not priced in a rate increase, and there could be a violent reaction to whatever it does.

On the data front, Thursday will see the release of initial jobless claims at 8:30am ET; wholesale trade data for July will be released at 10:00am ET.

On the earnings front, Lululemon Athletica is expected before the bell, while Finisar and Zumiez are due after the bell.

In Europe, the pan-European STOXX 600 index was over 0.8 percent lower after weak data from Japan and China. Core machinery orders in Japan fell by 3.6 percent in July, while in China, the producer price index fell by 5.9 percent.

In oil markets, Brent crude traded at around $48.09, up 1.07 percent, while U.S. crude was at $44.87 a barrel, up 1.63 percent.

Source: CNBC