While consumer-level inflation, as measured by the Consumer Price Index and Personal Consumption Expenditures Index, has ticked only marginally higher, PPI inflation soared in Jul

In one of the more surprising developments of the current trading environment, U.S. stocks remained near record highs on Thursday despite a sharper-than-expected increase in producer prices and a weakening labor market that is pointing to slowing economic growth.

With less than 30 minutes to go until the July reading on PPI, here is how financial markets are behaving. Stock futures were essentially unchanged in recent trade. S&P 500 futures were flat at 6,488.