Futures Mixed Ahead of CPI Report; Oil Rises After Saudi Facility Attack
U.S. stock futures were mixed early Wednesday, with Dow and S&P contracts higher while Nasdaq futures slipped amid another weak session for technology shares. Investors were focused on the September consumer price report due at 8:30 a.m. ET, with headline inflation expected to accelerate and core price growth expected to moderate. Oil prices rose after an attack on Saudi Arabia's state oil company headquarters, and Asian indexes mostly declined.
Contracts tracking the Dow and S&P 500 pointed up, while Nasdaq futures weakened as technology stocks struggled for a third straight session. Traders awaited September CPI at 8:30 a.m. ET, with headline monthly inflation projected at 0.6% versus 0.4% previously, annual headline at 3.6% versus 3.4%, core monthly at 0.2% versus 0.3%, and core annual at 2.5% versus 2.4%.
Crude moved higher after an assault on the Saudi state oil firm’s headquarters, and Iranian officials reportedly described new methods for targeting vessels. Asian benchmarks mostly fell, including Japan, mainland China, Hong Kong, and South Korea, while Germany’s DAX and Britain’s FTSE 100 advanced. Financial earnings included Bank of America, Morgan Stanley, and BlackRock; ASML raised its annual guidance.
The inflation reading could shape expectations for interest rates, affecting borrowers, savers, homeowners, and retirees whose portfolios and budgets are sensitive to market moves. Higher oil prices after the Saudi facility attack may feed into fuel and transport costs, potentially pressuring households and small businesses already managing tight budgets. Equity swings tied to technology and bank earnings could influence investor confidence, though the eventual impact depends on how data and geopolitical developments unfold.