In premarket trading on Wednesday, major US stock indexes were mostly trending higher as traders prepared for a significant inflation report. The Standard & Poor's 500 climbed by 0.1%, while the Nasdaq saw an increase of 0.2% ahead of the market opening. However, the Dow Jones Industrial Average experienced a slight decline of 0.1%.
Meanwhile, most Asian markets were showing positive movements, and European stock exchanges were also tracking upward during midday trading in the region. The consumer price index report for November is set to be released at 8:30 AM ET. Government data is anticipated to reveal a sequential rise of 0.3% in US consumer inflation and an annual increase of 2.7% for the previous month, based on a consensus compiled by Bloomberg. Additionally, the economic calendar for Wednesday includes a weekly mortgage applications report due at 7 AM, followed by the weekly EIA domestic petroleum inventories update scheduled for 10:30 AM. In stock movements, shares of General Motors ($GM) rose by 1.6% after the automaker opted to discontinue its Cruise robotaxi program to focus on developing self-driving technology for personal vehicles.
GameStop ($GME) reported a 2.9% increase as it disclosed its latest quarterly earnings. Conversely, Walgreens Boots Alliance's ($WBA) stock dipped 1% following a robust session that previously saw the stock rise about 18% due to media reports suggesting the company is in discussions for acquisition by private equity firm Sycamore Partners.
Dave & Buster's Entertainment ($PLAY) faced a significant drop of 16% after announcing a wider-than-expected loss for the third quarter. Tesla ($TSLA) showed a modest increase of 1.2%, while Macy's ($M) saw its stock fall by 9% after revealing its recent quarterly results. Kanzhun ($BZ), Photronics ($PLAB), and REV Group ($REVG) are expected to announce their latest financial results before the market bell.
Adobe ($ADBE), Nordson ($NDSN), and Oxford Industries ($OXM) will follow up their earnings announcements after market close. As for commodities in premarket activities, bitcoin made a notable 1.9% advance to reach $98,252, while West Texas Intermediate crude oil saw an increase of 0.9% to $69.23 per barrel.
The yield on 10-year Treasuries increased by 1.9 basis points to 4.24%, and gold prices rose by 0.3% to settle at $2,726 an ounce..