U.S. stock futures rose on Wednesday as investors digested another month of sticky inflation data that met economists’ expectations and likely signaled a rate cut from the Federal Reserve next week.
Dow Jones Industrial Average futures (YM=F) rose about 0.1% while S&P 500 futures (ES=F) rose about 0.3%. Futures on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%.
New inflation data released Wednesday showed consumer prices rose as expected in November, keeping the Federal Reserve on track to cut interest rates again in December.
the Latest data The Bureau of Labor Statistics showed that the Consumer Price Index (CPI) rose 2.7% from a year earlier in November, a slight increase from October’s annual price increase of 2.6%. The annual increase matched economists’ expectations. On a “core” basis, which excludes the more volatile costs of food and gas, prices in November rose 0.3% from the previous month, the same level as October, and 3.3% from a year ago for the fourth month in a row.
Earlier on Wednesday, a report that China was considering devaluing its currency rippled global stock markets and supported the dollar (DX=F). The potential move is seen as a reaction to higher tariffs promised by President-elect Donald Trump, as a weaker yuan (CNHUSD=X) could make Chinese exports cheaper.
On the corporate front, Macy’s (M) stock fell 8% in premarket trading after the department store chain cut its full-year earnings guidance. The retailer released third-quarter results after delaying the report during an investigation into an employee hiding up to $154 million in expenses.
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