Stock futures were little changed early Wednesday as investors awaited a key inflation report due on Wednesday.
Dow Jones Industrial Average futures were flat. S&P 500 and Nasdaq 100 futures were marginally lower.
The moves come after the S&P 500 and Nasdaq fell for a third straight day on Tuesday. The Nasdaq Composite led the declines, falling 1.19% after Micron, Novavax and Upstart warned future profits and earnings could be lower than previously thought. The S&P 500 fell 0.42% and the Dow Jones Industrial Average lost 0.18%.
Inflation report looming
Investors are awaiting the latest CPI report, which could confirm or dent hopes that rising prices are leveling off. Economists expect the report to show that inflation has cooled slightly, led by falling oil prices.
“In terms of reactions, the market will initially be more excited about a downside surprise in core CPI than an upside surprise, particularly in relation to risk appetite,” Deutsche Bank’s Alan Ruskin wrote in a note on Tuesday. “A downside surprise is playing out ‘hopes’ that an oil/food commodities top plus slower demand will quickly feed into the US inflation data.”
The Federal Reserve will consider the report along with other key economic data ahead of its September meeting, which is scheduled to raise interest rates again.
Earnings season also continues, with Disney’s quarterly results due after the market close on Wednesday.