Morning Movers: BlackRock climbs, J&J dips following earnings

Stock futures are modestly higher, with technology shares leading premarket gains as investors shift their attention from inflation to corporate earnings. Markets are looking to build on Tuesday's gains after softer-than-expected inflation data eased concerns that the Federal Reserve may need to tighten policy again this month. That view is likely firmed up further by today's cooler-than-expected producer price data that reinforced signs that pricing pressures are easing. The producer price index for final demand fell 0.3% in June, driven by a 1.4% decline in goods prices, while services prices edged up 0.2%. The softer-than-expected report follows Tuesday's encouraging CPI data and is likely to strengthen expectations that the Federal Reserve will leave interest rates unchanged at its July meeting. Semiconductor stocks are also back in focus after ASML reported better-than-expected results and raised its full-year revenue outlook, citing continued strength in AI-related demand. The upbeat forecast is lifting sentiment across the chip sector and helping offset concerns following recent volatility in AI-related equities. Geopolitical risks remain in the background. Oil prices are.