Nasdaq, S&P 500 Open Higher After More Encouraging Inflation Data; Cisco Falls 8%

US stocks edged higher on Thursday as oil prices declined and traders digested more inflation data as well as a slew of fresh earnings reports.

Cisco Systems was a key laggard of the day, falling about 8% after the company’s latest quarterly results failed to impress investors. Cerebras and Coherent also moved lower in premarket trading after earnings updates overnight, with the former plummeting 15% and the latter dropping 6%.

Brent crude futures shed 2% to trade at $87.04 per barrel, while West Texas Intermediate futures slid 2% to $81.32 per barrel. The moves come as traders weighed falling oil demand while the U.S.-Iran war continues.

Wall Street got another look at U.S. inflation on Thursday, with the July reading of the U.S. producer price index — which gauges what wholesalers pay for raw goods and materials — coming in unchanged. Economists polled by Dow Jones had called for an increase of 0.2% on the month. Excluding volatile food and energy prices, core PPI rose 0.2%, just below the gain of 0.3% economists expected.

The lighter-than-expected PPI report comes a day after an in-line reading on the consumer price index.