Investing.com– U.S. stock index futures rose slightly in evening deals on Thursday after hotter-than-expected consumer inflation spurred a mildly negative session on Wall Street.

Focus was on the third quarter earnings season, which is set to begin with earnest later on Friday. Investors were also watching for the hotly anticipated reveal of Tesla’s robotaxi. 

rose 0.1% to 5,834.75 points, while rose 0.1% to 20,453.50 points by 19:10 ET (23:10 GMT). rose 0.1% to 42,782.0 points. 

Strong CPI data spurs bets on smaller rate cut 

inflation data read stronger-than-expected for September, as inflation eased during the month but not as much as expected.

The reading furthered bets that the Federal Reserve will have less impetus to cut interest rates at an accelerated pace, with traders seen pricing in a greater chance for a 25 basis point cut in November after the data. 

Comments from Fed officials added to this notion, with Atlanta Fed President Raphael Bostic stating that the possibility of a hold in November could also be considered. 

A slower pace of interest rate cuts potentially presents pressure on Wall Street, given that U.S. stock valuations scaled record highs on expectations of a sharp reduction in rates. 

inflation data due on Friday is expected to offer more cues on the economy, as is a reading on . 

Still, bets on a smaller cut were somewhat tempered by higher-than-expected weekly jobless claims data. Weakness in the labor market is expected to keep the Fed on an easing path. 

This notion limited overall losses on Wall Street, as did gains in some heavyweight technology stocks. The fell 0.2% to 5,780.05 points, while the was flat at 18,283.90 points. The fell 0.1% to 42,454.12 points. 

Q3 earnings, Tesla robotaxi reveal in focus 

Investor focus was now on the third quarter earnings season, with major banks JPMorgan Chase & Co (NYSE:), Wells Fargo & Company (NYSE:) and Bank of New York Mellon (NYSE:) set to report on Friday.

Goldman Sachs Group Inc (NYSE:), Bank of America Corp (NYSE:), and Citigroup Inc (NYSE:) will report earnings next week. 

Tesla Inc (NASDAQ:) steadied in aftermarket trade before the reveal of its robotaxi at an event scheduled for 22:00 ET (02:00 GMT) on Thursday. The reveal is expected to mark Tesla’s pivot into autonomous driving and artificial intelligence, as the electric car maker grapples with a steady decline in vehicle sales.

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