In premarket activity on Wednesday, US equity futures were tracking lower as traders anticipate a crucial inflation report. Both the Standard & Poor's 500 and the Nasdaq fell by 0.2% prior to the market opening, while the Dow Jones Industrial Average decreased by 0.3%. Many Asian and European markets were also experiencing declines. The consumer price index report for October is scheduled for release at 8:30 am ET, while the economic calendar for Wednesday includes the weekly mortgage applications bulletin set for 7 am. Lorie Logan, President of the Federal Reserve Bank of Dallas, is scheduled to speak at 9:45 am.
St. Louis Fed President Alberto Musalem is expected to address the audience at 1 pm, followed by Kansas City Fed President Jeffrey Schmid at 1:30 pm. In stock movements, Spotify Technology saw its shares increase by 7.8% pre-bell, fueled by stronger-than-expected premium subscriber growth in the third quarter, despite posting lower-than-projected earnings and revenue.
Rivian Automotive experienced a significant rise of 12% after announcing an increase to its $5.8 billion joint venture with Volkswagen. Meanwhile, Spirit Airlines plummeted by 65% following news that the airline might pursue bankruptcy protection after its merger discussions with rival Frontier Group collapsed.
CAVA Group saw its shares grow by 15% after delivering encouraging quarterly results. Additional companies reporting their latest financial results before the market opens include CyberArk Software, Tower Semiconductor, Hudbay Minerals, and Griffon. Cisco Systems is expected to release its earnings during after-hours trading. In the premarket, Bitcoin diminished by 2% to $87,856, while West Texas Intermediate crude oil rose 0.4% to $68.39 per barrel.
Yields on 10-year Treasuries fell by 1.7 basis points to 4.42%, and gold prices increased by 0.3% to $2,612 an ounce..