S&P 500 and Dow futures edged higher on Wednesday as AI-related stocks steadied after a recent selloff. Oil prices and the upcoming inflation data kept investors cautious. Bank earnings are due before markets open.
S&P 500 and Dow futures edged higher on Wednesday as AI-related stocks steadied after a recent selloff. Elevated oil prices, however, kept investors on edge ahead of key inflation data and another round of bank earnings.
At 05:41 a.m. ET, S&P 500 E-minis were up 16.25 points, or 0.21%. Dow E-minis gained 234 points, or 0.45%, while Nasdaq 100 E-minis were down 9 points, or 0.03%.
Banks report after a mixed round
Bank of America, Morgan Stanley, BlackRock and State Street are set to report before markets open, following a mixed bag of earnings from Wall Street lenders a day earlier. Bank of America shares fell 1.5% in premarket trading after the company disclosed a $1.21 billion regulatory fine that could weigh on third-quarter results.
Morgan Stanley shares edged 0.7% higher. Among chipmakers, Intel and Micron fell 1.1% and 1.3%, respectively, while Nvidia gained 0.2%.
CPI data and oil in focus
Market participants await US consumer price index data, hoping for clues on the Federal Reserve's interest-rate outlook. Economists polled by Reuters estimated headline inflation accelerated to an annual 3.6% in September, with core CPI rising 0.2% on a monthly basis.
New York Fed President John Williams said the Fed may need to raise its policy rate once more this year, but that he sees no need for hikes in 2027. Ahead of the CPI data, investors priced in a near 22% chance of a quarter-point US rate hike next week, the CME FedWatch Tool showed.
Oil added to the tension. Brent crude held above the $100-a-barrel mark after two vessels were struck in the Strait of Hormuz.
Source: Reuters via Investing.com
Trading involves risk.
Risk Disclaimer
