US pre-open: Futures mixed as major indices continue to look for direction

Wall Street futures were mixed ahead of the bell on Wednesday as major indices continued to search for direction ahead of the release of May's consumer price index tomorrow.

As of 1240 BST, Dow Jones futures were down 0.10%, while S&P 500 and Nasdaq-100 futures were up 0.07% and 0.32%, respectively.

The Dow Jones closed 30.42 points lower on Tuesday as major indices seemed to be range-bound near record levels.

While things were mostly quiet ahead of tomorrow's CPI print, reopening plays like Carnival and American Airlines traded slightly higher ahead of the bell, while "meme stocks" were again in focus prior to the open, with Reddit users now turning their attention to Clover Health, up 18% in pre-market trading following an 85% rally on in the previous session.

AvaTrade's Naeem Aslam said: "US stock futures are once again trading between flat to some minor gains. During the last few weeks, stock traders have been attempting to understand the extent of the economic recovery in light of the Fed's dovish stance on inflation, peak valuations, and differences in global economy performance due to differed vaccination programs."

On the macro front, applications for mortgages slipped in the US during the week ended 4 June as refinancing dropped to the lowest level seen since February 2020. According to the Mortgage Bankers Association, its seasonally adjusted market index fell 3.1% week-on-week and 27% year-on-year.

Still to come, April wholesale inventories figures were slated for release at 1500 BST.