Consumer Price Inflation and its potential impact on the outlook for interest rates is expected to take center stage on Wednesday. Early indications from the U.S. Futures Index suggest a weaker opening for Wall Street.
During the Asian trading session, oil prices increased by more than 1 percent. The dollar weakened, while gold prices strengthened.
As of 8:15 AM ET, Dow futures had declined by 125 points, S&P 500 futures were down by 6.5 points, and Nasdaq 100 futures had decreased by 15.5 points.
On Tuesday, the major U.S. averages closed with mixed results. The Nasdaq gained 141.28 points, or 0.8 percent, closing at 17,025.88. The S&P 500 rose by 24.47 points, or 0.5 percent, finishing at 5,495.52. The Dow, however, dipped by 92.63 points, or 0.2 percent, ending at 40,736.96.
On the economic front, the Services Sector Survey report for the second quarter is scheduled for release at 10:00 AM ET. In the previous quarter, selected services revenue increased by 1.4 percent.
The Consumer Price Index (CPI) for August will be released at 8:30 AM ET. The consensus expectation is for a 0.2 percent increase, matching the rise in the prior month.
Asian stock markets experienced declines on Wednesday. Chinese markets plummeted to a seven-month low, with the Shanghai Composite Index falling by 0.8 percent to 2,721.80. Hong Kong's Hang Seng Index dropped by 0.7 percent to settle at 17,108.71.
Japanese markets saw significant losses. The Nikkei 225 Index declined by 1.5 percent to 35,619.77, while the broader Topix Index closed 1.8 percent lower at 2,530.67.
Australian markets ended slightly lower, with the S&P/ASX 200 Index slipping by 0.3 percent to 7,987.90. The broader All Ordinaries Index also decreased by 0.3 percent, settling at 8,195.20.
