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U.S. equity futures were trading higher Wednesday morning ahead of the release of a key report on inflation.
The major futures indexes suggest a gain of 0.7% when trading begins on Wall Street.
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The Bureau of Labor Statistics is expected to report that the consumer price index inched up 0.2% month-over-month in April, well below March’s 1.2% spike, which was the largest monthly increase in close to 17 years.
Inflation Graphic to illustrate rising inflation (iStock/Getty Images)
On a year-over-year basis, watch for prices to jump 8.1% in April. While that’s an eye-opening number, it’s down from a 4-decade high of 8.5% the prior month.
APRIL INFLATION REPORT WILDCARD
Oil traded higher Wednesday morning, resuming an upward move following a 9% drop over the previous two sessions.
U.S. West Texas Intermediate crude climbed $1.75, or 1.7%, to $101.53 a barrel.
Brent rose $1.81, or 1.8%, to $104.27 a barrel.
An oil rig drilling a well at sunrise near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
The Energy Information Administration will release its inventory report for last week. Crude stockpiles are expected to fall by almost half a million barrels, following a surprise build of 1.3 million barrels the previous week.
New York Stock Exchange traders. ((Courtney Crow/New York Stock Exchange via AP) / AP Newsroom)
A handful of companies are out with earnings results Wednesday morning, including Wendy's and Krispy Kreme. Dow member Disney will be the afternoon highlight.
In Asia, Tokyo's Nikkei 225 added 0.2%, Hong Kong's Hang Seng rose 1.7% and China's Shanghai Composite index climbed 1.5%.
Bitcoin traded around $31,000.
Shares of Coinbase Global took a drastic hit in after-hours trading after the company missed estimates for first-quarter revenue and posted a loss. Shares of the crypto exchange plunged 12.7% to $63.71 in extended trading.
Stocks ended mixed on Wall Street Tuesday after a rally in technology companies helped reverse most of an early slide.
Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 32160.74 -84.96 -0.26% SP500 S&P 500 4001.05 +9.81 +0.25% I:COMP NASDAQ COMPOSITE INDEX 11737.670959 +114.42 +0.98%
The S&P 500 wound up 0.2% higher at 4,001.05 after giving up most of an early gain of 1.9%. The Dow Jones Industrial Average fell 0.3% to 32,160.74.
The Nasdaq composite rose 1% to 11,737.67.
Big technology stocks, which have been swinging sharply both up and down recently, accounted for much of the S&P 500's turnaround. Apple rose 2.2% and Microsoft rose 2.2%.
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Gains in communication and health care stocks also helped lift the market, outweighing declines in financial, real estate and other sectors.
The yield on the 10-year Treasury fell to 2.96% from 3.08% late Monday.
The Associated Press contributed to this report.
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