Stock futures trade higher ahead of key inflation report
Wednesday's consumer price index report is expected to rise 1.1% in June, keeping inflation at a 40-year high
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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.
A cashier assists a customer at a checkout counter at Harmons Grocery store in Salt Lake City, Utah. (George Frey/Bloomberg / Getty Images)
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.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. (REUTERS/Ernest Scheyder / Reuters Photos)
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%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39186.98 | +1,016.57 | +2.66% |
| SP500 | S&P 500 | 5287.76 | +129.56 | +2.51% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16300.418334 | +429.52 | +2.71% |
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.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid / Reuters Photos)
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.