Wall Street futures indicated a moderate decline ahead of the opening on Wednesday as traders prepared for the upcoming inflation report from Washington. The consumer price index (CPI) report for October is set to be released at 8:30 am ET, with market analysts estimating a year-on-year increase of 2.6% and a 3.3% gain on the core CPI, which excludes certain food and energy costs. In early trading, yields on the benchmark 10-year US Treasuries remained above 4.4%. Futures for the S&P 500, Nasdaq, and Dow Jones all suggested a soft opening, indicating a drop of 0.2% from Tuesday's closing figures.
Asian markets reflected a mostly lower trend overnight, while European exchanges showed steady performance by midday. Rocket Lab USA showcased significant pre-market activity, trading up 30% after the space launch company reported earnings exceeding expectations late on Tuesday and revealed the acquisition of a client, a commercial satellite service, for its upcoming 'Neutron' rocket. Additionally, Tower Semiconductor is anticipated to provide its earnings report before the opening bell, among other companies.
Looking at the economic calendar, alongside the CPI data, Dallas Federal Reserve President Lorie Logan is scheduled to speak at 9:45 am ET, followed by St. Louis Fed President Alberto Musalem at 1 pm, and Kansas City Fed President Jeffrey Schmid at 1:30 pm. In pre-market trading, Bitcoin was priced at $87,678, West Texas Intermediate crude oil saw an uptick to $68.39, and the yield for 10-year US Treasuries sat at 4.42%.
Spot gold traded at $2,614 per ounce..