Wall Street futures indicated a moderately positive opening as traders awaited the latest inflation data from Washington. Following President Donald Trump's remarks to business leaders regarding potential tax cuts for domestic production, market participants were on alert. The consumer price index (CPI) for February is due to be released at 8:30 AM ET, with expectations suggesting a 2.9% increase year-over-year, along with a projected 3.2% gain on the core CPI, which excludes food and energy prices.
During a meeting with the Business Roundtable in Washington, Trump emphasized that tax cuts and regulatory relief could be on the table for US-based manufacturing, fueling optimism among investors. As for the futures market, the S&P 500 saw an uptick of 0.6%, while the Nasdaq climbed 0.8% and the Dow Jones recorded a modest increase of 0.4%.
In overnight trading, Asian exchanges displayed uneven activity, while midday European markets were trending moderately higher. Notably, Intel ($INTC) saw shares rise by 8.2% in pre-market trading, spurred by reports that Taiwan Semiconductor Manufacturing ($TSM) had engaged in discussions with US chip designers including Nvidia ($NVDA), Advanced Micro Devices ($AMD), and Broadcom ($AVGO) about a collaborative venture to take ownership of and operate Intel's foundry division.
Looking ahead on the economic calendar, alongside the CPI bulletin, the EIA petroleum status report is set to be published at 9:30 AM. In pre-market trading, Bitcoin was valued at $82,233, while West Texas Intermediate crude oil was priced higher at $66.99, and the yield on 10-year US Treasuries stood at 4.28%.
Spot gold was trading at $2,914 per ounce..