Stock market news live updates: Stock futures rise with focus on CPI later this week – Yahoo Finance
U.S. stock futures crawled higher ahead of the open Wednesday as Wall Street counted down to a crucial inflation reading and big bank earnings later this week.
Futures tied to the S&P 500 (^GSPC) rose 0.3%, while futures on the Dow Jones Industrial Average (^DJI) added 60 points, or 0.2%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) also advanced by roughly 0.3%.
U.S. Treasury yields pared their move higher from the previous session, with the benchmark 10-year note falling below 3.6%. The U.S. dollar index also retreated.
Wells Fargo (WFC) was among companies on watch in early trading after the megabank said late Tuesday it would scale back its home lending business. The move by Wells Fargo, once a leading mortgage lender, comes amid a slowdown in the housing market as sky-high interest rates put a damper on property purchases and refinancing agreements. The stock price was little changed.
Shares of Party City (PRTY) surged nearly 27% pre-market after a spiking 118% in Tuesday’s after Bloomberg News reported the company has sought funding for a potential Chapter 11 bankruptcy, citing people with knowledge of the preparations.
Embattled retailer Bed Bath & Beyond (BBBY) also ripped higher again one week after announcing the company was considering bankruptcy due to its financial struggles. The meme stock jumped 25% pre-market after rising more than 50% across the prior two session.
Coinbase (COIN) shares fell 4% pre-market following a downgrade by Bank of America to Underperform from Neutral after the company said Tuesday it would slash nearly 1,000 jobs as part of a restructuring plan.
A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly
The drumroll is growing louder for December’s Consumer Price Index (CPI) Thursday morning. Economists expect headline CPI rose 6.5% over the prior year last month, Bloomberg consensus estimates show. If realized, the reading would mark another glide lower from the 7.1% increase seen in November.
The report is likely to sway bets on whether the Federal Reserve will raise interest rates by 0.25% or 0.50% at the conclusion of its next meeting Feb. 1, while offering hints on how much higher rates are likely to go in subsequent meetings.
The latest economic forecasts from the Fed’s December gathering showed officials project their key overnight lending rate rising to 5.1% in 2023.
Several Federal Reserve officials, including San Francisco Fed President Mary Daly and Atlanta Federal Reserve President Raphael Bostic, have asserted this week that rates will likely go somewhere above 5%. And (…….