US pre-open: Stocks seen up ahead of inflation, FOMC minutes
US stock futures pointed to a positive open on Wall Street on Wednesday following a mostly downbeat session a day earlier, as investors eyed the latest inflation data and FOMC minutes.
At 1150 BST, Dow Jones Industrial Average futures were up 0.4%, while S&P 500 and Nasdaq futures were 0.5% and 0.7% firmer, respectively.
The Nasdaq hit a two-year low on Tuesday as chip stocks slumped after President Biden announced new export controls limiting US companies selling advanced computing semiconductors and related manufacturing equipment to China.
On the macroeconomic front, the US producer price index for September is due at 1330 BST, while the minutes from the Federal Reserve’s latest meeting are scheduled for release at 1900 BST.
CMC Markets analyst Michael Hewson said: "What today’s minutes might do is offer an insight into whether there is any unease among some Fed policymakers as to the side effects the Fed’s current policy stance is having more globally.
"It was something that Fed governor Lael Brainard briefly alluded to earlier this week, and would be interesting to see whether these concerns were more widespread.
"There is already evidence that inflation is starting to fall back of its own accord, as lower demand prompts a tempering of prices, although core prices are proving to be slightly stickier. To date there has been little acknowledgement of the effect the surging US dollar might be having as well, particularly when it comes to the effects on US companies, and their profitability."
In corporate news, PepsiCo was higher in pre-market trade as it lifted its forecasts for the year and posted better-than-expected earnings and revenue for the third quarter.