Nasdaq futures showed minimal movement ahead of a significant consumer inflation report scheduled for Wednesday, while oil prices remained around $85 a barrel as the International Energy Agency prepared to announce its decision on the potential release of strategic reserves to stabilize prices. In recent trading, the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures all showed little movement, remaining near flat. Yesterday, the benchmark S&P 500 and blue-chip Dow Jones Industrial Average closed with slight declines, while the tech-heavy Nasdaq recorded a marginal increase as investors processed the latest developments in the Iran war.
Alongside the Middle East and fluctuating oil prices, investors on Wednesday will focus intently on the Consumer Price Index reading for February. Economists anticipate that the upcoming report from the Bureau of Labor Statistics will reveal a 2.4% increase in the cost of living as indicated by the CPI over the past 12 months in February, maintaining the same annual rate observed in January. Additionally, core prices, which exclude the fluctuating costs of food and energy, are expected to have risen by 2.5%, consistent with January’s figures. Before the reading, the yield on the 10-year Treasury note, which influences interest rates on various consumer loans, increased slightly to 4.17% from Tuesday’s close of just above 4.16%.
West Texas Intermediate crude futures, the U.S. oil-price benchmark, increased by 3% to approximately $86.50 a barrel following statements from U.S. officials regarding Iran’s placement of mines in the crucial Strait of Hormuz. President Donald Trump issued a warning of retaliation “at a level never seen before” should the mines not be removed. Meanwhile, sources reported that the International Energy Agency has proposed the release of 400 million barrels—by far the largest release of oil reserves in its history—to bring down prices. It reported that IEA countries were anticipated to reach a decision on the proposal today. Gold futures declined by 0.8%, settling at $5,200 an ounce, whereas silver futures decreased by 2.3%, reaching $87.50 an ounce.
The U.S. Dollar Index, which monitors the value of the greenback against a selection of currencies, increased by 0.2% to reach 99.03. Bitcoin was trading at approximately $69,500, experiencing a slight decline from overnight peaks of about $70,400. Oracle shares surged 11% in premarket trading following the tech company’s announcement of better-than-anticipated results and an elevated long-term outlook driven by robust AI demand. Shares of the Magnificent Seven tech giants exhibited a mixed performance and remained largely unchanged ahead of the market opening. Yesterday, every stock except Microsoft closed in the green.