U.S. stock index futures traded mixed early Wednesday as investors awaited the release of September consumer price data. S&P 500 futures rose 0.21%, Nasdaq-100 futures were little changed, and Dow Jones Industrial Average futures fell 0.35%.
The market’s main focus is the latest U.S. CPI reading. Economists polled by Dow Jones expect inflation to rise 3.6% year over year, up from 3.4% in the prior report. Sentiment is also being pressured by elevated oil prices and more expensive gasoline: AAA says the average price stands at $4.34 a gallon, versus $3.08 a year earlier.
Chip stocks weighed on the major averages in the previous session. The VanEck Semiconductor ETF (SMH) fell for a sixth straight day amid growing concern about a possible AI spending bubble and rising anxiety over competition from China. Marta Norton, chief investment strategist at Empower, told CNBC that demand fundamentals for chips remain strong, but investors are increasingly questioning how much upside is left in valuations.
In banking, Bank of America shares dropped more than 2% in extended trading after the lender was hit with more than $1.2 billion in federal penalties. Regulators said the bank failed to report more than $5 billion in “suspicious” transactions. Earnings season continues Wednesday U.S. time with results due from Morgan Stanley, while Dutch chip equipment company ASML is also set to report.
Investors are also tracking moves in global markets. U.S. West Texas Intermediate crude futures were up nearly 0.1% in early trade to $94.22. In Asia, Australia’s S&P/ASX 200 fell 0.62%, while Japan’s Nikkei 225 gained 0.32% and South Korea’s Kospi rose 0.82%. In Europe, the pan-continental Stoxx 600 added 0.48%.
