U.S. equity futures were trading higher ahead of a highly anticipated report on inflation.
The major futures indexes suggest a gain of 0.3% when trading begins on Wall Street.
The consumer price index is expected to rise 1.1% month-over-month in June. That’s up from a 1.0% increase in May, but below a 1.2% spike in March.
On a year-over-year basis watch for prices to soar 8.8% in June, a new four-decade high and up from May’s annual gain of 8.6% which was the highest since December 1981. If you factor out volatile food and energy costs, core consumer prices are anticipated to rise 0.6% for the third consecutive month.
INFLATION LIKELY HIT FEVER PITCH IN JUNE WITH CONSUMER PRICES SURGING AGAIN
Oil prices rebounded from Tuesday’s plunge but stayed below $100 per barrel.
U.S. West Texas Intermediate crude traded at $96 a barrel. Brent crude futures were at $99 a barrel.
Prices fell by more than 7% on Tuesday amid volatile trading.
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Bitcoin traded below $20,000.
In Asia, Tokyo’s Nikkei 225 added 0.5%, the Hang Seng in Hong Kong slipped 0.1% and China’s Shanghai Composite Index gained 0.1%.
|I:DJI||DOW JONES AVERAGES||32803.47||+76.65||+0.23%|
|I:COMP||NASDAQ COMPOSITE INDEX||12657.554747||-63.03||-0.50%|
In Tuesday’s session on Wall Street, the S&P 500 lost 0.9% to 3,818.80, declining for a third day. Technology, health care and energy stocks accounted for a big share of losses.
The Dow Jones Industrial Average slid 0.6% to 30,981.33 and the Nasdaq composite slid 0.9% to 11,264.73.
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Big companies are due to report second-quarter results over the next few weeks.
The yield on the 10-year Treasury, or the difference between the market price and the payout at maturity, was steady at 2.95%.
The Associated Press contributed to this report.
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