U.S. equity futures were mixed on Wednesday as market participants prepared for a key inflation report and awaited results from semiconductor heavyweight Nvidia.
At 4:49 p.m. (Bangkok Time), Dow Jones and S&P 500 futures fluctuated near unchanged levels, while Nasdaq-100 contracts dipped 0.23% after all major indexes advanced on Tuesday.
Stocks extended their recent gains in the last session, underpinned by retreating Treasury yields and a slide in oil prices. The S&P 500 finished 0.32% higher, while the Nasdaq Composite rose 0.66%. The Dow Jones average advanced by 160.24 points, or 0.3%, notching a third consecutive session of gains.
Attention will turn at 8:30 a.m. (Eastern Time) to the release of the Federal Reserve’s favored inflation measure, the core Personal Consumption Expenditures (PCE) index. This data will help inform expectations for interest rate policy. Current consensus forecasts anticipate an unchanged core PCE reading at 3.3% year-on-year. Economists surveyed by Dow Jones expect the index to have risen 0.1% from the prior month and to show a 3.6% annual increase. In June, the index posted a 0.1% monthly drop and a 3.7% annual advance.
This inflation update comes during volatility in the Treasury market and ahead of this week’s Jackson Hole symposium, where Federal Reserve Chairman Kevin Warsh is scheduled to provide remarks on the outlook for monetary policy.
Earnings releases are also in focus, with Nvidia due to present its financial results for the second quarter after Wednesday’s market close. Wall Street analysts project earnings of $2.09 per share on revenue of $92.28 billion, based on FactSet estimates. Nvidia’s report is seen as a key indicator for broader market sentiment, given the company’s position as the largest S&P 500 component with a market capitalization above $5 trillion.
Additional corporate results expected Wednesday include CrowdStrike, Williams-Sonoma, Okta, and Abercrombie & Fitch.
