5 things to know before the stock market opens Thursday

📺 Los Angeles news 24/7: Watch NBC4 free wherever you areStock futures were higher Thursday morning after a winning day for all three major indexes on Wednesday on the back of encouraging U.S. inflation data. TheWednesday showed the annual inflation rate slowed to 2.9% in July, the lowest year-over-year price gain since 2021.

that it would reduce its global workforce by 7% as part of a restructuring plan that would result in $1 billion in pre-tax charges. Between $700 million to $800 million of that impact will be recognized in the current quarter, Cisco said. It's the second major round of layoffs at Cisco in recent months after an announcement in February that it would cut more than 4,000 jobs, amounting to 5% of its workforce at the time.

– CNBC's Brian Evans, Jesse Pound, Jeff Cox, Melissa Repko, Annika Kim Constantino, Ari Levy and Justine Fisher contributed to this report.

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