Traders work on the floor of the New York Stock Exchange (NYSE) in New York.
Brendan McDermid | Reuters
Stock futures rose slightly on Wednesday as investors looked ahead to inflation and earnings data in the coming days that could provide insight into the future health of the economy.
Futures for the Dow Jones Industrial Average were up 48 points, or 0.1[ads1]6%. Nasdaq 100 futures rose 0.15%, while futures linked to the S&P 500 gained 0.18%.
The move follows a day of small ups and downs for the market as investors digested minutes from the Federal Reserve meeting in September. The report showed that the central bank expected to continue raising interest rates until it sees inflation slowing. But one comment led some to believe the Fed would instead slow rate hikes, if not roll them back, if the turmoil in financial markets continued.
The S&P 500 fell 0.33% to close at 3,577.03. The Nasdaq Composite fell 0.09% to 10,417.10. The Dow Jones fell 0.10%, or 28.34 points, to close at 29,210.85.
“Fed speakers have similarly since the last meeting stuck to the message that their commitment remains solid, even in the face of global financial fault lines showing signs of strain,” said Quincy Krosby, global chief strategist at LPL Financial.
Early in the day, the producer price index for September, an inflation gauge that looks at final demand wholesale prices, beat expectations. It rose 0.4% in September, more than the Dow Jones consensus estimate of 0.2%.
Investors have more data to weigh on Thursday as the consumer price index arrives in the morning. The Dow Jones consensus estimate shows that the CPI rose 0.3% in September, up from 0.1% in August. That will bring the annual pace of inflation to 8.1% from 8.3%.
Despite what she called a tepid response to PPI data and the Fed’s meeting minutes, Krosby said markets could be tested if the CPI print is higher than expected, particularly in bond yields.
Household name included Delta Air Lines, Walgreens and Domino’s Pizza will report earnings before noon Thursday, comes as part of a week considered the start of a new corporate earnings season.
Weekly data for jobless claims will also be released on Thursday morning.