As the trading day approaches on Wednesday, Wall Street futures are holding steady, showing little movement, as traders prepare for the highly awaited consumer price index (CPI) report from Washington, set to be released at 8:30 am ET. Analysts expect to see a year-over-year CPI growth of around 3% for July.
Furthermore, the core CPI, which excludes volatile categories such as certain food and energy prices, is anticipated to rise by 3.2%. In the premarket, all eyes are on the performance of major indices. The S&P 500 remains steady, while the Nasdaq experiences a minor uptick of 0.1%, and the Dow Jones is holding flat.
Meanwhile, yields on the benchmark 10-year US Treasuries are tracking lower, dipping further below the 3.9% mark in the premarket transactions. In the Asian markets, trading was mostly in the green overnight; however, exchanges closely linked to China saw a decline following a disappointing report on July bank lending from Beijing.
European markets, on the other hand, are showing moderately higher performance as midday draws near on the continent. One notable development in pre-bell trading is Dole (DOLE), whose stocks are up by 3% after announcing its second-quarter results exceeded expectations and providing an optimistic revision of its fiscal 2024 guidance.
Another significant mover is Cardinal Health (CAH), witnessing a rise of 7.1% in pre-opening trades after the company revealed an impressive fourth-quarter fiscal performance along with an upgrade of its fiscal 2025 guidance. Additionally, on the economic calendar today, alongside the anticipated CPI report, traders will also be keeping an eye on the EIA petroleum status bulletin due at 10:30 am ET.
Other premarket highlights include Bitcoin, trading at $61,299, and West Texas Intermediate crude oil dipping to $78.17, while 10-year US Treasuries offer a yield of 3.84%. Notably, spot gold is testing record highs, trading at $2,472 an ounce. As market participants navigate these events, the anticipation builds around the crucial economic data release and ongoing market dynamics, including movements in both traditional equities and digital currencies..