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US stock index futures flat ahead of key CPI data release By
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Introduction-- U.S. stock index futures traded largely unchanged Wednesday as investors hunkered down ahead of k ...
-- U.S. stock index futures traded largely unchanged Wednesday as investors hunkered down ahead of key consumer inflation data that is Standard Foreign Exchange Official Websitelikely to factor into the outlook for interest rate cuts.
At 06:20 ET (10:20 GMT), fell 14 points, or 0.1%, traded largely flat, while rose 3 points, or 0.1%.
A softer-than-expected producer inflation reading sparked a rally on Wall Street, helping U.S. benchmarks reach levels seen before a severe rout last week.
The rose 1.7%, the rose 2.4%, and the climbed more than 400 points, or 1%.
CPI data awaited for more rate cut cues
The focus was squarely on inflation data, due later Wednesday.
The reading is expected to show inflation eased slightly in July, which, coupled with a soft print on Tuesday, is likely to set the stage for a deeper interest rate cut by the Federal Reserve in September.
Traders are split over a 25 and 50 basis point cut in September, showed. But bets on a 50 bps cut slightly increased, standing at a 53% chance, after Tuesday’s reading.
The prospect of lower interest rates bodes well for stock markets, given that it frees up capital that can then be invested into the sector. Lower rates also help soothe concerns over slowing economic growth, after weak readings on the labor market sparked increased volatility on Wall Street.
Intel sells stake
In the corporate sector, Intel (NASDAQ:) sold its 1.18 million share stake in British chip firm Arm Holdings (NASDAQ:) in the second quarter, a regulatory filing showed on Tuesday.
The chipmaker said earlier this month that it would cut more than 15% of its workforce and suspend its dividend amid a pullback in spending on traditional data center semiconductors and a shift towards AI chips.
The Wall Street Journal reported that chocolate giant Mars is looking to pay $83.50 for each share in packaged foods maker Kellanova (NYSE:), a 12% premium to Tuesday’s close, while valuing the firm at over $30 billion.
Crude rise on US inventories draw
Crude prices rose Wednesday, buoyed by industry data showing a bigger-than-expected draw in U.S. stockpiles.
By 06:20 ET, the U.S. crude futures (WTI) climbed 0.1% to $78.38 a barrel, while the Brent contract rose 0.1% to $80.173 a barrel.
Data from the showed U.S. oil inventories shrank by 5.2 million barrels in the week to August 10, much more than expectations for a draw of 2 million barrels.
The reading, if confirmed by official inventory data later in the day, showed that demand remained robust in the world’s biggest fuel consumer, even as the travel-heavy summer season wound down.
(Ambar Warrick contributed to this article.)
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