Wall Street futures are experiencing strain at record highs and are indicating a modest decline before the market opens on Wednesday. This comes as traders reassess their positions ahead of the Thursday holiday and in light of potentially easing geopolitical tensions in the Middle East. A ceasefire between Israel and certain factions in Lebanon became effective on Wednesday, according to officials from France, Lebanon, and the United States.
Investors are keeping a close watch on the upcoming October personal consumption expenditures core price index, commonly referred to as the PCE core, which is scheduled for release at 10 am in Washington. Experts anticipate a 2.8% year-on-year increase in this inflation metric favored by the Federal Reserve.
In the futures market, the S&P 500 saw a decrease of 0.2%, the Nasdaq fell by 0.3%, and the Dow Jones experienced a drop of 0.1%. Asian exchanges showed uneven trading overnight, with Hong Kong and Shanghai making gains following a better-than-expected industrial profits report from Beijing. On the other hand, European bourses are tracking moderately lower as midday approaches on the continent.
Dell Technologies reported a slip of 12% in pre-market trading after the IT giant disclosed weaker-than-expected revenue for the third quarter and issued cautious guidance for the fourth quarter. The economic calendar is packed, with the PCE core report along with the revised third-quarter GDP release at 8:30 am ET.
Additionally, the October durable goods orders bulletin, international trade in goods report, weekly jobless claims bulletin, retail inventories, and wholesale inventories for October are set to be released at the same time. The October pending home sales index will be available at 10 am, followed by the weekly EIA petroleum status report at 10:30 am.
Later in the day, the November Atlanta Fed Survey of Business Uncertainty report is scheduled for release at 11 am, along with the weekly EIA natural gas report at noon. Furthermore, the weekly Baker Hughes domestic oil-and-gas rig count is anticipated at 1 pm. In pre-market trading, Bitcoin is valued at $93,693.0, West Texas Intermediate crude oil is trading higher at $69.08, and the 10-year US Treasuries are yielding 4.26%.
Spot gold is trading at $2,649 per ounce..