Dow, S&P 500, Nasdaq futures waver amid continued Iran fallout, with CPI on deck
US stock futures were little changed Tuesday evening as investors braced for a closely watched inflation report that could help shape expectations for the economy and Federal Reserve policy.
Futures linked to the Dow Jones Industrial Average (YM=F) traded flat. Contracts on the S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) were also little changed.
Oil market volatility has dominated headlines this week in knock-on effects from the US-Israeli campaign against Iran. Prices briefly surged toward $120 per barrel on Monday before retreating sharply as traders weighed the possibility of governments tapping emergency crude reserves and President Trump’s declaration that the war would be over “soon.”
In the latest oil whiplash, prices fell Tuesday following a now-deleted social media post by Energy Secretary Chris Wright, which claimed the US had escorted an oil tanker through the Strait of Hormuz. Futures for West Texas Intermediate (CL=F) dropped to as low as $76.73 per barrel before settling about 12% lower. Brent (BZ=F) crude declined more than 11%. Both oil benchmarks subsequently saw gains of over 4% in overnight futures trading.
Meanwhile, Wednesday brings the first of two highly anticipated inflation readings due this week. February’s Consumer Price Index report is set for release at 8:30 a.m. ET, followed by January’s Personal Consumption Expenditures index on Friday. The data is expected to provide insight into inflation trends and the broader health of the US economy, particularly as recent indicators suggest the labor market may be losing some momentum.
In earnings, Oracle (ORCL) shares surged after the company on Tuesday beat expectations and announced an upbeat outlook. Adobe (ADBE) and Dollar General (DG) highlight the rest of the week on Thursday’s docket.
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