The latest reading of the personal consumption expenditure price index, the Fed's favored inflation gauge, is due out at 8:30 a.m. ET Thursday morning.

US stock futures inched down Wednesday night, pausing a powerful rally that was started on the news the US-Israel coalition and Iran had agreed to a two-week ceasefire. The rally was driven by deescalation talks between the US and Iran.

U.S. stock index futures climbed on Wednesday as investors breathed a sigh of relief after the U.S. and Iran agreed to a two-week ceasefire.

The Indian stock market surged 4% on Wednesday, April 8, after the United States and Iran agreed to a two-week ceasefire, triggering a sharp rally across global equities. Moreover, a sharp crash in crude oil prices also aided the sentiment.

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US stock futures (ES=F, NQ=F, YM=F) are soaring — led by the Dow Jones Industrial Average futures, surging by over 1,200 points — after President Trump announced that Iran has agreed to a two-week ceasefire with the US and Israel.

The president said he had received a 10-point proposal from Iran that formed a “workable basis” for negotiations. But Israel said the ceasefire “does not include Lebanon.”

The S&P 500 also added 0.1%, with both indexes notching their fifth straight session of gains. The Dow industrials pared losses, finishing 0.2% lower on the day.