Consumer Price Index

Good morning. Premarket trading has been volatile ahead of the opening bell as investors digest a better than expected report from Wal-Mart with a hotter than expected Consumer Price Index. First-time applications for state unemployment benefits fell by 10,000 in the latest week to 450,000.

With strength in overseas markets, premarket futures had a positive bias earlier but fell following the release of this morning's higher than expected CPI. Higher oil prices this morning are also being watched closely.

Premarket gainers: PMI, HLYS, IDEV, TSM, NOA, VM, FPP, SCA, ELOS, EL, IVZ, RDN, BRCD, DRYS, EMKR, NTES, URBN, BKE, SPLS, ASYS, CTRP, DNDN, & CROX.

Premarket losers: PMII, SPRD, NTAP, OVTI, BGG, GSOL, GRRF, COIN, PAET, CPHD, MPEL, ASML, AUXL, IPI, CHDX, BSX, JEF, LUX, IACI, & RBS.

Other than some Fedspeak from Minneapolis President Gary Stern, no significant economic reports are scheduled for the day. Tomorrow we have the Empire State Manufacturing Survey, Industrial Production, and Consumer Sentiment.

A number of people are taking vacations right now and the trading over the past couple of days seems to reflect it. Given what I've seen in premarket trading, we probably should expect more of the same for the remainder of the week. Have a terrific Thursday!