5 things to know before the stock market opens Thursday

• Stock futures were higher Thursday morning.
• Walmart says the American consumer is strong.
• The Biden administration revealed the results of landmark drug price negotiations.

Here are five key things investors need to know to start the trading day:

1. Rebound

Stock 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. The Dow Jones Industrial Average rose 0.61% during regular trading, while the S&P 500 ticked 0.38% higher and the Nasdaq Composite edged up by 0.03%. A readout from the Labor Department Wednesday showed the annual inflation rate slowed to 2.9% in July, the lowest year-over-year price gain since 2021. The jump in the consumer price index was in line with what Wall Street economists had expected, according to Dow Jones estimates, and is likely to keep a September interest rate cut by the Federal Reserve on the table. Follow live market updates.

2. Strong consumer

If you ask Walmart, the American consumer is strong. That was the message of the retailer's second-quarter earnings report Thursday morning. Walmart topped Wall Street expectations on the top and bottom lines and raised its full-year sales forecast. "We see, among our members and customers, that they remain choiceful, discerning, value-seeking, focusing on things like essentials rather than discretionary items, but importantly, we don't see any additional fraying of consumer health," Chief Financial Officer John David Rainey told CNBC's Melissa Repko in an interview. Read more from Walmart's report.

3. Drug savings

Long-awaited lower drug prices are nearly here, for a select group of drugs. The Biden administration on Thursday revealed the results of landmark drug price negotiations that will bring down the cost of 10 prescription drugs, which are among the highest-cost drugs covered under Medicare Part D insurance. The lower prices could save the U.S. government $6 billion in Medicare savings in 2026 alone, after the new prices go into effect, the government estimated. The price cuts could also save Medicare enrollees $1.5 billion in out-of-pocket costs in 2026, U.S. officials said.

4. Cisco cuts

There are more headcount cuts coming at Cisco. The networking giant said Wednesday in reporting its quarterly results 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.

5. Sweet treat

Candy maker Mars is adding new items to its pantry, via a $36 billion deal for snack company Kellanova. The company behind brands like Pringles, Cheez-Its and Eggo spun off from former parent company Kellogg last year. Now Mars is snapping it up for $83.50 per share, a roughly 12% premium over the stock's Tuesday closing price. "We buy businesses to grow businesses, and we look to grow for generations," Mars CEO Poul Weihrauch told CNBC. The deal is expected to close in the first half of 2025.

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