U.S. stock futures tick higher as the benchmark S&P 500 index remains within striking distance of an all-time high. President Donald Trump is reportedly toying with the idea of naming a replacement to Federal Reserve Chair Jerome Powell later this year, as Trump’s frustration with the central bank’s cautious policy decisions grows. Elsewhere, BYD shares dip on a media report that the Chinese electric car giant’s production has decelerated, while Shell denies reports that it is considering a purchase of rival BP (NYSE:BP).

U.S. stock futures pointed higher on Thursday, with the S&P 500 hovering just below record high levels reached in February.

By 03:10 ET (07:10 GMT), the Dow futures contract had risen by 84 points, or 0.2%, S&P 500 futures had increased by 14 points, or 0.2%, and Nasdaq 100 futures had climbed by 74 points, or 0.3%.

The main averages on Wall Street ended in mixed fashion on Wednesday, pausing a two-day rally, as investors gauged a ceasefire between Israel and Iran and assessed testimony from Federal Reserve Chair Jerome Powell.

Attention is now turning to the release of the key personal consumption expenditures price index on Friday. The Fed’s preferred inflation metric comes after Powell backed a wait-and-see approach to future interest rate decisions in his comments to Congressional lawmakers this week. Some policymakers, including Powell, have argued that this strategy is appropriate until more clarity emerges around the impact of aggressive U.S. tariffs on the broader economy.

"Markets seem to be trusting the ceasefire [...], and the dollar is back to testing its lows. Expect U.S. data to play a bigger role from here, especially since Fed Chair Powell’s cautious stance during his Congressional testimony included some subtle dovish hints," analysts at ING said in a note.