U.S. equity futures experienced minimal movement ahead of the market opening on Wednesday, as traders await a significant report on consumer inflation that could provide insights into the Federal Reserve's monetary policy direction. The Dow Jones Industrial Average futures declined by 0.3%, while S&P 500 futures saw a decrease of 0.2%.
Additionally, Nasdaq futures recorded a drop of 0.3%. In the commodities market, oil prices rallied, with the front-month global benchmark North Sea Brent crude increasing by 0.4% to $72.18 per barrel. Meanwhile, U.S. West Texas Intermediate also rose by 0.4%, reaching $68.40 per barrel. A pivotal Consumer Price Index report is set to be released at 8:30 am ET, which analysts anticipate will indicate a 0.2% increase in consumer prices for October, aligning with the rise observed in the previous month.
Investors are closely monitoring these developments to gauge future monetary policy adjustments by the Fed..