U.S. stock futures were trading near the flatline on Wednesday morning as investors awaited the release of the December Consumer Price Index (CPI) report. This key inflation report is expected to significantly influence the Federal Reserve’s future monetary policy decisions. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.06%, 0.04%, and 0.03%, respectively, at 2:58 a.m. EST, January 15.
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The previous session saw a mixed performance. The Dow Jones and the S&P 500 gained 0.52% and 0.1%, respectively. Meanwhile, the Nasdaq Composite declined by 0.2% due to a pullback in technology stocks. It must be noted that Tuesday’s trading was influenced by a softer-than-expected Producer Price Index (PPI) report, which eased concerns about inflation and supported a slight decline in Treasury yields.
However, the focus now shifts to the December Consumer Price Index (CPI) report, a key indicator of inflation. This data will provide crucial insights into the central bank’s ongoing battle against inflation. Currently, economists anticipate a 0.3% month-over-month increase in both headline and core CPI.
Furthermore, major financial institutions such as BlackRock (BLK), JPMorgan Chase (JPM), Citigroup (C), Goldman Sachs (GS), and Wells Fargo (WFC) are set to report their fourth-quarter results today. These earnings reports will provide valuable insights into the health of the financial sector.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.764%. Simultaneously, WTI crude oil futures are trending higher, hovering near $78.15 per barrel as of the last check.
Elsewhere, European indices opened higher on Wednesday as traders awaited U.S. inflation data to guide the central bank’s interest rate decisions.
Asia-Pacific Markets Traded Mixed on Wednesday
Asia-Pacific indices were mixed today as investors looked ahead to key U.S. inflation data that could influence the pace of interest rate cuts by the U.S. Fed.
At the same time, Hong Kong’s Hang Seng Index was up 0.24%. However, Japan’s Topix index gained 0.31%, while the Nikkei index fell 0.08%. Also, China’s Shanghai Composite and Shenzhen Component indices declined 0.43% and 1.03%, respectively.
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