
Stock Market Today: Dow, S&P 500, Nasdaq Futures Up Ahead of CPI Inflation and Earnings Data
U.S. stock futures drifted higher in premarket trading Wednesday as the third-quarter earnings season began and investors awaited new inflation data.
Dow Jones Industrial Average Futures (YM=F) and the S&P 500 (ES=F) increased by 0.1%. Contracts for the Nasdaq-100 (NQ=F) rose just above the flat line after stocks fell Tuesday.
Stocks were poised for a rally as chip selling eased in South Korea and the KOSPI index (^KS11) rose after a 12% decline over the past five days. Investors will closely examine quarterly updates from chip equipment maker ASML (ASML) on Wednesday and Taiwan Semiconductor (TSM) on Thursday for signs that demand for AI remains strong.
Elsewhere, the financial company earnings parade continues with results from Bank of America (BAC), Morgan Stanley (MS) and BlackRock (BLK). The reports follow several investment bank earnings reports released Tuesday indicating, among other signals, that consumers are resilient despite rising interest rates.
Markets are also bracing for a new reading of the Consumer Price Index (CPI) on Wednesday. Economists predict that rising gas and energy prices led to higher inflation in September, with headline inflation jumping 3.6% year-on-year. If inflation gets higher than that, it could put an October Fed rate hike in play, experts warn.
Brent crude futures (BZ=F), the global benchmark, remained above $105 a barrel as the Houthis continued to bomb Saudi energy facilities.
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