On Wednesday, Wall Street futures are showing a largely sideways trend as traders eagerly anticipate key economic releases and the onset of earnings season. At 2 PM ET, the Federal Reserve is set to unveil the minutes from its most recent policy meeting that concluded on September 18. These minutes will likely be scrutinized for insights into the sentiments of central bankers during current economic dynamics. Furthermore, Washington is scheduled to unveil the September consumer price index (CPI) on Thursday, ahead of the market opening, which is expected to provide further clarity on inflation trends. In the futures market, the S&P 500 remains flat, while the Nasdaq has seen a slight decline of 0.1%, and the Dow Jones remains steady.
Intriguingly, market participants observed that on Tuesday, the Atlanta Federal Reserve's GDPNow model indicated a promising outlook, revising its estimate for real gross domestic product (GDP) growth in Q3 to 3.2%, a notable increase from the previous estimate of 2.5% released on October 1. Asian markets portrayed a mixed picture overnight, with the Shanghai Composite index plummeting 6.6%, contrasting with a positive movement in Tokyo's Nikkei 225 Index.
Meanwhile, European stock markets are tracking moderately higher as midday approaches on the continent. Helen of Troy (HELE) is among the companies slated to report its earnings prior to the market opening, adding to the anticipation surrounding corporate performance amid shifting economic conditions. In addition to the Fed minutes, the economic calendar is packed with important releases, including the wholesale inventories report for August scheduled for 10 AM ET, and the weekly EIA petroleum status bulletin at 10:30 AM. Additionally, several Federal Reserve officials are scheduled to speak throughout the day, beginning with Atlanta Fed President Raphael Bostic at 8 AM, followed by Dallas Fed President Lorie Logan at 9:15 AM, Chicago Fed President Austan Goolsbee at 10:30 AM, Richmond Fed President Thomas Barkin at 12:15 PM, Fed Vice Chair Philip Jefferson at 12:30 PM, Boston Fed President Susan Collins at 5:30 PM, and San Francisco Fed President Mary Daly at 6 PM. In premarket action, Bitcoin has been trading impressively at $63,126, while West Texas Intermediate crude oil is experiencing a slight dip at $73.42.
The yield on 10-year US Treasuries stands at 4.02%, and spot gold is trading at an impressive $2,619 an ounce..