The major index futures are pointing to a nervous start ahead of the consumer price inflation report that is due at 8:30 a.m. EDT. Bond yields are slipping ahead of the inflation data. If the report confirms a continued let-up in pricing pressure, the Federal Reserve may be forced to cut rates. Economists and strategists expect Fed Chair Jerome Powell to render more clarity on the rate outlook at the Jackson Hole symposium scheduled for later this month.
Atlanta Federal Reserve President Raphael Bostic, however, suggested he would want to see more evidence before the rate could be taken down from its 22-year high.
Hon Hai Precision Industry Co. Ltd.’s (OTC:HNHPF) commentary about strong AI server demand could lend support to Nvidia Corp. (NASDAQ:NVDA) and other AI-levered tech stocks.
Futures
Performance (+/-)
Nasdaq 100
+0.07%
S&P 500
+0.05%
Dow
+0.01%
R2K
+0.44%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.06% to $542.34, and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.05% to $462.81, according to Benzinga Pro data.
Cues From Last Session:
Stocks raced out of the gate on Tuesday after a tamer-than-expected producer price inflation report perked up risk appetite. The VIX at one point in time pulled back below the 18 level. All three major ...
