Stock market today: Live updates

U.S. stock futures ticked higher on Wednesday night as traders looked ahead to the release of a key inflation reading.

S&P 500 futures and Nasdaq 100 futures climbed 0.2% and 0.3%, respectively. Futures tied to the Dow Jones Industrial Average added 90 points, or 0.2%.

Shares of Snowflake soared 30% in Wednesday’s extended trading session after the cloud-based data platform provider inked a plan to spend $6 billion on Amazon Web Services over five years. The company also reported a first-quarter earnings and revenue beat.

The moves came after a decline in oil prices pushed the blue-chip Dow to a new intraday and closing record on Wednesday. The 30-stock index popped 182.60 points, or 0.36%. The S&P 500 eked out a gain of 0.02%, also notching a record close, while the Nasdaq Composite inched 0.07% higher.

Crude oil prices fell on Wednesday after Secretary of State Marco Rubio said during a White House Cabinet meeting that talks with Iran have made some progress, adding that the administration prefers “the negotiated diplomatic route and we’re going to give it every chance to succeed.” However, President Donald Trump said that he will not allow Iran to control the key Strait of Hormuz as part of a deal.

These comments came after Iranian state television had earlier said that Tehran is committed to restoring commercial traffic through the Strait of Hormuz back to prewar levels within one month of an agreement with the U.S., Reuters reported. The White House denied the report about a memorandum of understanding as “a complete fabrication.”

Investors are awaiting the release of April’s personal consumption expenditure index reading, due out at 8:30 a.m. ET on Thursday. The index, which is the Federal Reserve’s preferred gauge of inflation, is especially important now that Kevin Warsh has taken the helm as Fed chair.

Economists polled by Dow Jones expect a month-over-month increase of 0.5% and year-over-year rise of 3.8%. Excluding volatile food and energy prices, they anticipate gains of 0.3% and 3.3%, respectively.

A rally in the technology sector has been to thank for the move higher this year into new records for the stock market. But Adam Crisafulli, founder and president of Vital Knowledge, believes that investors should begin broadening their trades into the rest of the market.

“I definitely think that tech, at this point, is very, very stretched on the upside. You’ve had a bunch of bell-ringing events, whether it’s some of these IPOs that have been launching or about to launch; trillion-dollar market-cap club,” he said on CNBC’s “Closing Bell: Overtime” on Wednesday afternoon. “So I think rotation is going to be kind of the game plan for the rest of the summer.”

Royal Bank of Canada, Dollar Tree, Hormel Foods, Burlington Stores and Kohl’s will report earnings before Thursday’s opening bell. Traders will also watch out for other economic data releases like weekly jobless claims, April’s new home sales, personal income and preliminary durable goods orders reports.