In a moment of caution, US equity markets exhibited a downward trend during Wednesday's premarket activity as investors anticipate crucial inflation statistics. The Standard & Poor's 500 and Nasdaq both saw declines of 0.3% prior to market opening, while the Dow Jones Industrial Average recorded a slightly larger drop of 0.4%.
This decline in fortunes was mirrored across Asian exchanges, which were predominantly lower, while most European bourses showed strength during midday trading on the continent. Investors are keenly awaiting the consumer price index report for August, scheduled for release at 8:30 am ET. According to a consensus compiled by Bloomberg, the report is expected to indicate a moderate increase in consumer inflation, with a projected rise of 0.2% month-over-month and 2.6% on an annual basis. Additionally, Wednesday's economic calendar is packed with important data points.
The weekly mortgage applications report is anticipated at 7 am, followed by the revised second-quarter services survey, which will be published at 10 am. Another key report, the weekly domestic oil inventories from the Energy Information Administration (EIA), is set to be released at 10:30 am. In stock-specific news, GameStop's shares ($GME) plunged 9.3% in preopening trading, despite the video game retailer returning to profitability in its fiscal second quarter.
Meanwhile, JPMorgan Chase ($JPM) experienced a decrease of 0.4%, and shares of Trump Media & Technology ($DJT) plummeted by 15%. Manchester United ($MANU) is also in the spotlight, as it prepares to report its latest financial results ahead of the market opening, sharing the stage with other companies like Oxford Industries ($OXM) that will announce their earnings after the market closes. In premarket trading, Bitcoin experienced a 2.3% decrease, valued at $56,472.
On a more optimistic note, West Texas Intermediate crude oil saw a gain of 2.7%, reaching $67.54 per barrel. In the bond market, yields on 10-year Treasury notes pulled back slightly by 1.5 basis points to 3.63%, and gold prices rose 0.3% to $2,551 an ounce, as investors reacted to emerging economic data and market sentiments..