Futures Hold Flat as Wall Street Awaits Inflation Data
Opening Bell: Key Catalysts Set to Move Markets Friday
Wall Street Opening Flat Amidst Caution on New Inflation Numbers: Futures for U.S. stocks are barely budging this morning after traders held back in anticipation of new wholesale price inflation numbers.
Futures Hold Steady: The S&P 500 futures were higher by just 0.09%, while the Dow Jones futures were up 0.04% and Nasdaq 100 futures were lower by 0.04%, all within range of their lows for the day.
10-Yr Treasury Yield Surges Above 5.12%: The yield on the 10-year U.S. Treasury bond jumped to 5.129%, adding valuation pressure to the debt-laden technology and growth stocks.
Dollar Inches Closer to Yearly Highs: Futures for the U.S. Dollar Index (DXZ6) traded unchanged at 103.073, keeping to its level close to a one-year high.
Wall Street Fear Gauge Under Control: VIX fear index was up 6.92% to 18.70, staying closer to its year-to-date average and away from panic levels.
Crude Oil Prices Down Slightly: U.S. WTI Crude oil futures declined 0.57% to $88.23 per barrel and Brent Crude oil futures declined 0.19% to $95.64 per barrel.
Gold Futures Rise Strongly: Gold futures jumped 0.95% to $3,922.35 per ounce.
Nvidia Falls Hard on High Volume: Nvidia (NVDA) fell 13.41% on very high volume of over 88 million shares amid continued news about the leadership change.
AMD & Broadcom Climb as Capital Flows: Advanced Micro Devices (AMD) climbed 3.15% and Broadcom (AVGO) gained 3.40% as money moves to the rival companies.
Hardware & Memory Stocks Retreat: Super Micro Computer (SMCI) fell 10.58%, Dell Technologies (DELL) was down 8.76%, and Micron (MU) lost 5.31% in early trading.
Corteva Drops Before the Bell: Corteva (CTVA), the leading agricultural giant, slumped 14.25% prior to the market opening.
News Corp & Masco Post Early Gains: News Corp Class A (NWSA) climbed 4.29% and home improvement supplier Masco (MAS) was up 3.05% in pre-market trading.
Corporate Earnings Fall Before Market Open: Mizuho Financial (MFG) and Sumitomo Mitsui (SMFG) released their quarterly earnings reports before the market open.
After-Market Earnings Preview: Mitsubishi UFJ Financial Group (MUFG) is expected to release its quarterly earnings after the market close today.
Asian Stock Markets Close Muted: Nikkei 225 from Japan gained 0.94%, Hang Seng from Hong Kong lost 1.26%, and Shanghai Composite from China lost 0.15%.
European Stocks Finished in Green on Wednesday: Before today's trading activity, European equities closed in positive territory, with DAX from Germany rising 0.41% and CAC 40 from France up 0.34%.
PPI Inflation Data & Fed Speeches: This is what Wall Street will be watching today - 8:30 AM ET Producer Price Index (PPI) data (0.4% expected), as well as consecutive Federal Reserve speeches straddling the market open.
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