Stock futures are little changed as traders await key inflation report, Nvidia earnings: Live updates
Traders awaited inflation data along with Nvidia's latest quarterly results. Both are due Wednesday.
TL;DR
- Stock futures were near flat, awaiting U.S. inflation data (PCE price index) and Nvidia's quarterly earnings.
- Major U.S. averages closed higher on Tuesday, boosted by falling yields and lower oil prices.
- Asian markets showed mixed results: Nikkei 225 up 0.61%, Kospi up 2.04%, CSI 300 up 1.07%, Hang Seng up 0.68%, while S&P/ASX 200 was down 0.17%.
- Economists expect the PCE price index to show a 0.1% month-over-month increase and a 3.6% year-over-year increase.
- Nvidia's earnings are projected to be $2.09 per share on $92.28 billion in revenue.
- Bitcoin rallied sharply but pulled back, trading around $78,970.
- Alibaba shares rose in Hong Kong after Chairman Joe Tsai and CEO Eddie Wu bought significant amounts of stock.
- Oil prices declined, with Brent crude futures down 2.52% and WTI futures down 2.17%.
- SK Innovation shares plunged after announcing plans to merge with battery materials maker SK IE Technology.
- U.S.-Canada trade tensions escalated with Canada imposing retaliatory tariffs.
- Analysts expressed optimism about stocks, citing strong economic data and the potential for lower oil prices to curb inflation.
- Bitcoin is showing strong short-term and intermediate-term momentum, potentially breaking out of a basing period.
- Zoom Communications shares fell in extended trading after its third-quarter guidance missed analyst expectations.