Nasdaq futures indicated a downward trajectory on Wednesday in anticipation of forthcoming bank earnings reports and an inflation reading, while safe-haven gold and silver futures reached new record highs. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average experienced declines of 0.6%, 0.4%, and 0.3%, respectively. Major stock indexes concluded the day in the red, with the Dow losing 400 points, as investors processed a consumer inflation reading that aligned with forecasts and the bank earnings season commenced with a mixed report from JPMorgan Chase, whose shares fell by over 4%.

On Wednesday, the prices of precious metals experienced a significant increase, as gold futures reached an unprecedented level of nearly $4,650 per ounce, while silver surpassed the $90 per ounce mark for the first time. Gold experienced an increase of nearly 1%, reaching $4,640 in recent trading sessions, while silver saw a notable rise of 4.5%, climbing to $90.25 after peaking at $91.37 earlier in the day. Market participants are anticipating the Bureau of Labor Statistics postponed Producer Price Index report for November, scheduled for release at 8:30 am. Economists surveyed anticipate a 0.3% increase in wholesale prices from September, marking the final monthly reading prior to the U.S. government shutdown.

Prior to the upcoming reading, the 10-year Treasury yield, a key determinant of interest rates across various commercial and consumer loans, declined to below 4.16%, down from Tuesday’s closing figure of over 4.18%. Financial stocks experienced a decline for the second consecutive day on Tuesday, following President Donald Trump’s weekend suggestion to impose a cap on credit card interest rates at 10%. Payment processors Visa and Mastercard were among the biggest decliners in the S&P 500 yesterday, with shares down 4.5% and 3.8%, respectively. However, both saw a slight increase in premarket trading on Wednesday. Banking giants Bank of America, Wells Fargo, and Citigroup were slated to report fiscal 2025 fourth-quarter results before the bell.

Shares of Nvidia slipped less than 1% following the Trump administration’s approval for the export of its H200 AI chips to China, contingent upon the world’s most valuable public company meeting new security requirements first. Netflix stock rose about 2% following reports that the streaming giant was preparing to make its $72 billion bid for Warner Bros. Discovery’s HBO Max streaming service and studios all-cash, instead of a mix of cash and stock. Paramount Skydance has made a hostile all-cash offer of $77.9 billion for all of WBD, whose shares edged lower before the bell. Paramount shares exhibited minimal fluctuations. West Texas Intermediate futures, the U.S. crude oil benchmark, increased approximately 1% to $61.70 a barrel. Bitcoin was trading around 95,100, up from the day’s low of roughly 94,100. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, decreased by 0.1% to 99.02.