Thursday's trading session is shaping up to be one of those nerve-wracking days where everyone's waiting for a number that could move markets in either direction. U.S. stock futures are inching higher after Wednesday's unpleasant selloff, but the real action likely won't start until the November Consumer Price Index report drops later this morning.

The setup is straightforward enough. Markets ended lower Wednesday amid growing anxiety about what some are calling a "hiring recession" following Tuesday's disappointing November jobs report. Now traders need a catalyst, something to help them figure out what the final few trading days of 2024 should look like. That catalyst might just be today's inflation reading.

Here's where things stand in the pre-market: The S&P 500 futures are up 0.31%, while Nasdaq 100 futures are advancing a healthier 0.68%. The Dow Jones futures are essentially flat at 0.00%, and Russell 2000 futures are showing a modest 0.17% gain. Not exactly fireworks, but at least it's green.

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 respectively, were both higher in premarket trading. SPY climbed 0.23% to $672.95, while QQQ advanced 0.55% to $603.70, according to market data.

Meanwhile, the bond market is doing its thing. The 10-year Treasury yield is sitting at 4.13%, while the two-year is at 3.46%. And if you're wondering what the Federal Reserve might do at its next meeting, the CME Group's FedWatch tool suggests markets are pricing in a 73.4% likelihood that rates stay right where they are.

Companies Making Moves

Accenture: The Consulting Giant Reports

Accenture Plc (ACN) shares are down 0.27% in overnight trading ahead of the company's fiscal first-quarter results, which are due before the opening bell Thursday. Wall Street analysts are expecting earnings of $3.75 per share on revenue of $18.52 billion.

The consulting and technology services giant has been maintaining a favorable price trend in both short and medium terms, and it scores particularly high on growth metrics. For investors trying to figure out whether enterprise spending on digital transformation and AI is holding up, Accenture's report should provide some useful clues.

Micron: The Semiconductor Star

Now here's a winner. Micron Technology Inc. (MU) shares are up a whopping 9.61% in overnight trading after the semiconductor giant reported first-quarter results that sailed past expectations and issued strong guidance for the second quarter.

This is exactly the kind of news the chip sector needed. Micron scores high on momentum, growth, and quality metrics, with favorable price trends across short, medium, and long-term timeframes. The company's performance suggests that demand for memory chips, particularly those used in AI applications, remains robust despite broader economic concerns.

FedEx: Delivery Giant Under the Microscope

FedEx Corp. (FDX) shares are down a barely noticeable 0.07% in premarket trading ahead of the company's fiscal second-quarter results, which are scheduled for release after Thursday's close. Analysts are expecting earnings of $4.10 per share on revenue of $22.79 billion.

FedEx's quarterly report carries extra weight because it's essentially a real-time snapshot of the economy. When FedEx reports on package volumes and shipping trends, it's telling you what's actually moving through the economy, not what economists think might be happening. The stock scores high on growth and value, with favorable price trends across all timeframes.

MillerKnoll: Furniture Company Surprises

MillerKnoll Inc. (MLKN) is up 7.02% overnight following better-than-expected second-quarter results and robust guidance for the current quarter. The furniture company's performance is particularly interesting given concerns about commercial real estate and office occupancy rates.

That said, the stock doesn't exactly light up the overall rankings. It scores high on value but struggles in other categories, though it does show favorable price trends in the short, medium, and long terms.

Nike: The Swoosh Reports

Nike Inc. (NKE) shares are up 0.44% overnight ahead of the athletic apparel giant's fiscal second-quarter results, which are due after Thursday's close. Analysts are expecting earnings of $0.38 per share on revenue of $12.22 billion.

Nike has been navigating a challenging environment with shifting consumer spending patterns and increased competition. The stock scores high on growth and shows a favorable price trend in the short term, but investors will be watching closely to see if the company can maintain momentum heading into 2025.

What Happened Wednesday

Wednesday was one of those days where you really didn't want to look at your portfolio too often. The major indices all finished in the red, with the Nasdaq Composite taking the biggest hit, down 1.81% to close at 22,693.32. The S&P 500 fell 1.16% to 6,721.43, while the Dow Jones dropped 0.47% to 47,885.97. The Russell 2000 declined 1.07% to 2,492.29.

The sector performance tells an interesting story. Information Technology, Consumer Discretionary, and Communication Services managed to stay in the green, but pretty much everything else got hammered. Energy, Health Care, Real Estate, and Financials led the decline.

Reading the Market Tea Leaves

With all the chatter about a potential bubble in AI stocks, Ryan Detrick, Chief Market Strategist at the Carson Group, offered an interesting perspective. If there's really trouble brewing, he argues, you'd see it first in the credit markets. And guess what? High-yield corporate bonds were "barely red" on Wednesday and are sitting "less than 1%" from their all-time highs.

According to Detrick, "If there really was a monster under the bed, we'd see it in credit." That's a reassuring take, though it's worth noting that some companies like Oracle Corp. (ORCL) have seen significant widening in their credit default swap spreads due to increasing AI-related borrowing. So maybe the monster is just getting started, or maybe it's nothing. Markets are fun like that.

Economic Data on Deck

Thursday's economic calendar is packed with data that could move markets. At 8:30 a.m. ET, we're getting initial jobless claims for the week ended December 13, which will offer another read on the labor market situation that's been causing so much angst.

Also at 8:30 a.m. ET comes the main event: the November Consumer Price Index report. Markets will be dissecting headline CPI, core CPI, and year-over-year inflation readings for any fresh signals on price pressures. This is the data point everyone's been waiting for, the number that could determine whether the Federal Reserve has room to cut rates or needs to stay put.

And if that's not enough, the Philadelphia Fed will publish its manufacturing survey for December at 8:30 a.m. ET as well, providing an updated snapshot of regional factory activity.

Commodities, Crypto, and Global Markets

In the commodities world, crude oil futures are trading higher in early New York trading, up 0.65% to hover around $56.17 per barrel. Gold Spot US Dollar is down 0.23% at roughly $4,327.50 per ounce, which is still pretty close to its recent record high of $4,381.60 per ounce. The U.S. Dollar Index is up 0.12% at the 98.122 level.

Over in crypto land, Bitcoin (BTC) is trading 0.88% higher at $86,958 per coin, continuing its volatile dance as investors try to figure out what comes next for digital assets.

Asian markets closed with a mixed bag Thursday. Hong Kong's Hang Seng Index, China's Shanghai Composite, and Australia's ASX all finished firmly in the green, while other regional indices ended lower. Most European markets have opened higher in early trading, suggesting at least some optimism across the Atlantic.

The stage is set for what could be a pivotal trading day. Whether that CPI number delivers the catalyst markets need or sends everyone scrambling in the other direction remains to be seen. Either way, it's going to be an interesting morning.