US Futures Hold Ground Ahead of CPI
US stock futures were mostly higher on Wednesday, as the prospect of robust earnings offset persistent volatility in chipmaker stocks ahead of the key US inflation print and major earnings results. Contracts for the S&P 500 and Dow were slightly higher, while those for the Nasdaq 100 inched below the flatline. Morgan Stanley was 1% higher premarket after its equity trading revenue topped forecasts, and BlackRock edged up after pulling in more capital in its asset management business, boosting fee revenue. On the other hand, AI infrastructure stocks fell further as ASML stated it could not keep up with fab demand, while Chinese competitors signaled improved products. Micron and Marvell fell more than 2% each. Gauges of underlying inflation ahead of the US CPI release are expected to have remained elevated in September, backing calls from multiple FOMC members that more rate hikes could be warranted this year.
US stock futures were mostly higher on Wednesday, as the prospect of robust earnings offset persistent volatility in chipmaker stocks ahead of the key US inflation print and major earnings results. Contracts for the S&P 500 and Dow were slightly higher, while those for the Nasdaq 100 inched below the flatline. Morgan Stanley was 1% higher premarket after its equity trading revenue topped forecasts, and BlackRock edged up after pulling in more capital in its asset management business, boosting fee revenue. On the other hand, AI infrastructure stocks fell further as ASML stated it could not keep up with fab demand, while Chinese competitors signaled improved products.
Micron and Marvell fell more than 2% each. Gauges of underlying inflation ahead of the US CPI release are expected to have remained elevated in September, backing calls from multiple FOMC members that more rate hikes could be warranted this year.