U.S. equity futures were little changed Wednesday night following a rally was driven by cooler inflation, lower Treasury yields and encouraging earnings reports.

Futures tied to the Dow Jones Industrial Average ticked up 15 points, or 0.03%. S&P 500 futures added 0.05% and Nasdaq 100 futures were up 0.11%.

In regular trading, the Dow advanced 150.91 points, or 0.3%, to end the day at 52,659.18. The broad market S&P gained 0.4%, finishing at 7,572.43, and the tech heavy Nasdaq Composite rose 0.6% to 26,269.23.

Asia-Pacific markets were set for a mixed open Thursday. Japan's benchmark Nikkei 225 was set to open lower, with the futures contract in Chicago at 67,890 against the index's last close of 68,751.51.

Futures for Hong Kong's Hang Seng index were last at 24,829, higher than its Wednesday close of 24,681.1, while Australia's benchmark S&P/ASX 200 saw futures last trading at 8,821 compared to its close of 8,841.1.

A softer-than-expected U.S. producer price index added to optimism that inflation is cooling, helping lift equities and providing some comfort to investors that the Federal Reserve will keep key interest rates on hold. Additionally, strong earnings from major financial firms reassured investors that earnings growth remains intact, despite easing inflation, while lower Treasury yields boosted demand for growth stocks, particularly mega-cap technology companies.

Michael Kantrowitz, chief investment strategist and head of portfolio strategy at Piper Sandler, speaking to CNBC's "Closing Bell: Overtime," emphasized the importance of rates staying sideways or declining for the market to broaden.

"In order for the market to broaden, I believe full stop that you need rates to either move sideways or decline," he said. "The best backdrop for the equity market in today's regime would be employment that stays more or less sluggish because I think that can help keep a lid on interest rates and prevent any rate hikes."

On Thursday, investors will be looking to retail sales data and jobless claims at 8:30 a.m. ET for further signs of whether the economy is slowing enough to keep inflation under control without tipping into a meaningful downturn.

Corporate earnings also remains a key driver. UnitedHealth will report its results before the bell and Netflix is scheduled to report its after the bell.