U.S. stock futures slipped as investors awaited key inflation data, a day after major indexes broke lengthy winning streams. A surprise jump in consumer prices in China was also seen as denting some enthusiasm for equities.
How are stock-index futures trading?
- S&P 500 futures ES00,
-0.22%were down 0.1% at 4,673
- Dow Jones Industrial Average YM00,
-0.19%futures fell 0.1% to 36,166
- Nasdaq-100 futures NQ00,
-0.29%fell less than a percent to 16,199
On Tuesday, the Dow Jones Industrial Average DJIA,
What’s driving the market?
Inflation will swing into focus for Wednesday, with U.S. October consumer prices expected to jump on both headline and core basis — by 0.6% and 0.4%, respectively. Annual CPI is expected to climb 5.8%, the highest level in 30 years, noted Neil Wilson, chief market analyst for Markets.com.
Those data will be released at 8:30 a.m. Eastern time, alongside weekly jobless claims, with the October federal budget due at 2 p.m. Eastern Time.
The CPI update comes a day after news of higher U.S. producer prices. Meanwhile, China on Tuesday reported its own factory gate prices surged 13.5% in October, the highest level since 1996. Consumer prices in the country rose 1.5% to a 13-month high, driven mainly by a jump in prices for food and fuel.
Investors will be waiting to see if stocks can recover after Tuesday’s losses halted an eight-day win streak for the S&P 500 and an 11-session winning run for the Nasdaq Composite. The pause came as talk of a melt-up for stocks has increased amid an unusually strong run-up moving into the holidays.
“The decline in Tesla was a factor, but ultimately such a straight charge up will just run out of gas sooner or later. The look-ahead to inflation is maybe a factor so this needs to be assessed with today’s CPI print,” said Wilson.
Shares of Tesla TSLA,
After surging 42% in October, the electric-car maker’s stock has dropped 16% this week, though rose 2% in premarket trading.
Rivian priced its initial public offering at $78 a share Tuesday evening, well above its expected range and valuing the company at $77 billion on a fully diluted basis.
The Walt Disney Co. DIS,
What companies are in focus?
- Coinbase Global Inc. COIN,
+0.98%stock dropped 11% in premarket trading, after the cryptocurrency platform reported disappointing sales amid a summer slowdown in crypto trading.
- DoorDash Inc. DASH,
-0.59%stock climbed 17%, after the delivery company posted record sales and orders, and announced an all-stock deal worth more than $8 billion for Finnish commerce-delivery platform Wolt.
- Upstart Holdings Inc. UPST,
-6.24%reported better-than-expected earnings for its latest quarter, but shares of the lending company fell 17% in premarket trading.