US stock futures inched higher on Wednesday, building on gains from the previous session, after softer-than-expected inflation data eased concerns about an imminent Federal Reserve interest rate hike. The annual US inflation rate slowed to 3.5% in June from 4.2% in May, below the consensus forecast of 3.8%, as lower oil prices helped temper energy costs. On a monthly basis, consumer prices fell 0.4%, the first decline since 2020.
In Tuesday’s regular trading, the S&P 500 rose 0.38%, the Nasdaq Composite advanced 0.9%, and the Dow Jones Industrial Average edged up 0.02%. Six of the S&P 500’s 11 sectors finished higher, led by technology, communication services, and energy. Bank shares also moved up after another round of robust quarterly earnings. Investors are now looking ahead to a fresh slate of corporate results on Wednesday, with earnings due from Johnson & Johnson, Morgan Stanley, and BlackRock.
