US pre-open: Futures mixed ahead of CPI reading
By Iain Gilbert
Date: Wednesday 11 Aug 2021
(Sharecast News) - Wall Street futures were mixed ahead of the bell on Wednesday as market participants awaited some key inflation data later in the session.
As of 1230 BST, Dow Jones futures were up 0.04%, while S&P 500 and Nasdaq-100 futures were down 0.08% and 0.22%, respectively.
The Dow Jones closed 162.82 points higher on Tuesday, registering yet another record close after the Senate passed Joe Biden's $1.0trn infrastructure bill.
Sentiment got a boost in the previous session after the Senate passed the bill, which earmarks $550.0bn in new spending for transportation and the electric grid. While the bill will now make its way to the House, Speaker Nancy Pelosi has vowed to not bring the bill to the floor until the Senate also passes a budgetary proposal.
Wednesday's primary focus will be inflation data, with economists expecting to see the consumer price index rising 0.5% in July, or 5.3% year-on-year, after having jumped 0.9% in June - its biggest monthly increase since August 2008.
On the macro front, mortgage applications rose across the US last month as the benchmark 30-year mortgage rate held below 3% for a second consecutive week. According to the Mortgage Bankers Association, mortgage applications rose 2.8% in the week ended 6 August.
Still to come, last month's consumer price index will be published at 1330 BST, while the Federal government's monthly budget statement will follow at 1900 BST.
From the Federal Reserve, Atlanta president Raphael Bostic and Kansas City president Esther George will deliver speeches at 1330 BST and 1700 BST, respectively.
In the corporate space, Wendy's, eBay and Bumble will all report earnings throughout the course of the day.
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