US stock markets showed a downward trend during Wednesday's premarket trading as traders prepared for the release of personal income and outlay data for October, along with several significant economic reports. The Standard & Poor's 500 index fell by 0.2%, the Nasdaq decreased by 0.4%, and the Dow Jones Industrial Average edged down 0.1%.
Most Asian exchanges were on the rise, while European markets were mainly trending downwards by midday. The highly anticipated personal income report is set to be released at 10 am ET, which includes the personal consumption expenditure core price index, an inflation gauge favored by the Federal Reserve.
In addition, Wednesday's economic calendar includes the weekly mortgage applications bulletin at 7 am. Further reports scheduled for release at 8:30 am include durable goods orders for October, the second estimate of the third-quarter gross domestic product, international trade in goods, retail and wholesale inventory reports for last month, the weekly jobless claims bulletin, and third-quarter corporate profits data. The Chicago Purchasing Managers' Index data for November will be posted at 9:45 am, followed by the National Association of Realtors pending home sales index for October at 10 am.
Later in the day, the weekly EIA domestic petroleum inventories and natural gas supplies reports are due at 10:30 am and 12 pm, respectively. The Federal Reserve Bank of Atlanta's Survey of Business Uncertainty for November is set for an 11 am release, followed by the weekly Baker Hughes domestic oil and gas rig count at 1 pm.
It is worth noting that US markets will close on Thursday for the Thanksgiving holiday, resuming trading on Friday. In premarket activity, shares of CrowdStrike ($CRWD) declined by 6.2% despite the company's optimistic full-year outlook after better-than-expected fiscal third-quarter results. Dell Technologies ($DELL) experienced a significant drop of 12% as their fiscal third-quarter revenue fell below market expectations. Workday's ($WDAY) stock saw a tumble of around 11% following its quarterly results, while HP ($HPQ) declined by 9.3%.
Autodesk ($ADSK) shares also faced a reduction, down by 6.6%. Frontline ($FRO) and Golden Ocean ($GOGL) are scheduled to report their latest financial results before the market bell. In premarket trading, bitcoin saw an increase of 2.3%, reaching $93,372. West Texas Intermediate crude oil climbed 0.6% to stabilize at $69.16 a barrel.
Meanwhile, yields on 10-year Treasuries dropped by 2.9 basis points to 4.27%, and gold prices rose by 1.1%, settling at $2,675 per ounce..