Yahoo Finance Stocks- U.S. Futures Rise Ahead of Inflation Report
Investing.com – U.S. futures gained ground on Wednesday as investors looked ahead to the inflation report for signs that the Federal Reserve will increase interest rates more than expected this year.
The S&P 500 futures rose 11 points or 0.44% to 2,673.50 as of 6:40 AM ET (11:40 GMT) while Dow futures increased 120 points or 0.49% to 24,746.0. Meanwhile tech heavy Nasdaq 100 futures was up 32 points or 0.49% to 6,592.50.
Investors remain on edge as concerns over higher interest rates linger. All three major U.S. indexes finished last week more than 5% down each as bond yields rose, driving an equity sell off.
The U.S. Bureau of Labor Statistics will release the consumer price index (CPI) at 8:30 AM ET (13:30 GMT) in one of the most closely watched inflation reports in years. Investors will look closely for clues as to how the economy is doing. Expectations are for a 1.7% annualized increase in inflation. Any surprises in the data could lead to a swing in markets.
Fashion designer Fossil Group Inc (NASDAQ:FOSL) surged 67.04% in pre-market trading after it reported a higher than expected earnings report while Chinese internet firm Baidu Inc (NASDAQ:BIDU) jumped 5.50% after its financial results came in higher than expected. Meanwhile Chinese e-commerce giant Alibaba (NYSE:BABA) was up 1.67% while Harmony Gold Mining Company Limited (NYSE:HMY) rose 5.91%.
Elsewhere health and nutrient firm GNC Holdings Inc (NYSE:GNC) dipped 3.23% while automotive company Fiat Chrysler Automobiles NV (NYSE:FCAU) was down 1.67% amid reports that it sent out an update that caused user interfaces in cars to constantly reboot. Royal Dutch Shell (LON:RDSa) PLC ADR (NYSE:RDSa) inched down 0.81%.
In earnings news, Cisco Systems (NASDAQ:CSCO), TripAdvisor Inc (NASDAQ:TRIP), Marriott International Inc (NASDAQ:MAR), and Applied Materials (NASDAQ:AMAT) are some of the companies expected to release their earnings results.
In Europe stocks were up. Germany’s DAX rose 74 points or 0.61% while in France the CAC 40 increased 34 points or 0.68% and in London, the FTSE 100 was up 48 points or 0.67%. Meanwhile the pan-European Euro Stoxx 50 gained 16 points or 0.49% while Spain’s IBEX 35 surged 52 points or 0.54%.
In commodities, gold futures rose 0.24 % to $1,333.60 a troy ounce while crude oil futures were down 0.83% to $58.70 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.01% to 89.61.
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