US pre-open: Futures mostly lower ahead of CPI reading
By Iain Gilbert
Date: Wednesday 12 Feb 2025
(Sharecast News) - Wall Street futures were mostly lower ahead of the bell on Wednesday as traders looked ahead to January consumer inflation data.
As of 1225 GMT, Dow Jones and S&P 500 futures were down 0.17% and 0.11%, respectively, while Nasdaq-100 futures were flat.
The Dow closed 123.24 points lower on Tuesday following Congressional testimony from Federal Reserve chairman Jerome Powell.
Wednesday's primary focus will be January's consumer price index at 1330 GMT, with economists expecting to see monthly CPI growth cool from 0.4% to 0.3%. On an annualised basis, CPI was still seen at 2.9%. However, many economists have voiced fears that Donald Trump's newly instituted tariffs could offset disinflation seen elsewhere.
Trade Nation's David Morrison said: "US stock index futures were a touch weaker in early trade this morning. This follows yesterday's mixed session which saw modest gains for the Dow and S&P 500, and small losses for the Nasdaq.
"There are no obvious signs of stress in the market, and volatility as measured by the VIX remains calm. Indeed, traders are not overreacting to the mercurial nature of Trump's second presidential term. But maybe this is just the calm before the storm. Time will tell."
Elsewhere on the macro front, mortgage applications increased 2.3% in the week ended 7 February, according to the Mortgage Bankers Association of America, with applications to purchase a home falling 2% week-on-week and applications to refinance a mortgage soaring 10%.
Still to come, Jerome Powell's testimony will continue at 1500 GMT.
In the corporate space, DoorDash traded higher in pre-market on the back of better-than-expected Q4 revenues, as did biopharmaceutical firm Gilead Sciences, while shares in server builder Super Micro Computer headed south after the company slashed FY25 revenue guidance.
Pharmacy chain CVS also rallied thanks to Q4 results that came in ahead of expectations on the Street, with revenues hitting $97.71bn and earnings per share of $1.19.
Kraft Heinz, Cisco, Restaurant Group and Robinhood were all slated to report earnings before the end of the day.
Reporting by Iain Gilbert at Sharecast.com
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