U.S. stock futures traded near the flatline on Wednesday morning as investors awaited the release of the November Consumer Price Index (CPI) report. This data might provide insights into the potential path of the Federal Reserve’s monetary policy. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.08% and 0.04%, respectively, at 3:10 a.m. EST, December 11, while the Dow Jones Industrial Average (DJIA) futures were down 0.06%.
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The previous trading session saw a decline in major U.S. stock indices, with the S&P 500, the Dow Jones, and the Nasdaq Composite ending lower by about 0.3%. The decline reflects investor caution ahead of inflation data and concerns about a potential slowdown in the economy’s growth.
In major stock market news, Oracle (ORCL) stock declined 6.7% after the company reported lower-than-expected fiscal Q2 results. In contrast, Alphabet (GOOGL) gained 5.6% following the disclosure of its latest quantum computing chip.
Regarding the key inflation data, economists expect core CPI, which excludes volatile food and energy prices, to increase by 0.3% month-over-month and 3.3% year-over-year. Investors should note that a lower-than-expected report could ease inflation concerns and support a more dovish monetary policy stance.
Additionally, investors will be keeping an eye on corporate earnings, with Adobe (ADBE), Macy’s (M), and Cognyte Software (CGNT) scheduled to report results today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.23% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $68.70 per barrel as of the last check.
Elsewhere, European indices opened lower on Wednesday morning as investors focused on the key U.S. inflation report, due today.
Asia-Pacific Markets Ended Higher on Wednesday
Most of the Asia-Pacific indices were in the green today. This positive sentiment was driven by optimism about China’s annual Central Economic Work Conference, where policymakers will set economic targets and stimulus plans for the next year.
At the same time, Japan’s Nikkei and Topix indices climbed 0.01% and 0.29%, respectively. Further, China’s Shanghai Composite and Shenzhen Component indices gained 0.29% and 0.33%, respectively. However, Hong Kong’s Hang Seng Index declined 0.65%.
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