Stock Market Today: Dow, S&P 500, Nasdaq Futures Up Ahead of CPI Inflation and Earnings Data

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U.S. stock futures drifted higher in premarket trading Wednesday as the third-quarter earnings season began and investors awaited new inflation data.

Dow Jones Industrial Average Futures (YM=F) and the S&P 500 (ES=F) increased by 0.1%. Contracts for the Nasdaq-100 (NQ=F) rose just above the flat line after stocks fell Tuesday.

Stocks were poised for a rally as chip selling eased in South Korea and the KOSPI index (^KS11) rose after a 12% decline over the past five days. Investors will closely examine quarterly updates from chip equipment maker ASML (ASML) on Wednesday and Taiwan Semiconductor (TSM) on Thursday for signs that demand for AI remains strong.

Elsewhere, the financial company earnings parade continues with results from Bank of America (BAC), Morgan Stanley (MS) and BlackRock (BLK). The reports follow several investment bank earnings reports released Tuesday indicating, among other signals, that consumers are resilient despite rising interest rates.

Markets are also bracing for a new reading of the Consumer Price Index (CPI) on Wednesday. Economists predict that rising gas and energy prices led to higher inflation in September, with headline inflation jumping 3.6% year-on-year. If inflation gets higher than that, it could put an October Fed rate hike in play, experts warn.

Brent crude futures (BZ=F), the global benchmark, remained above $105 a barrel as the Houthis continued to bomb Saudi energy facilities.

LIVE 3 updates

  • Apple’s new hardware strategy capitalizes on trust, just in time for the AI ​​era

    Yahoo Finance’s Hamza Shaban writes in today’s Morning Brief newsletter:

    Apple has just received a new range. On Tuesday, the company unveiled several new smart home devices, including the HomeView Hub, HomePod Mini 2, and Apple TV 4K.

    The company’s new developments constitute an obvious pivot in its business strategy. Not only is Apple dabbling in smart home products again after the failure of its HomePod, but Apple and its accelerated hardware releases show new CEO John Ternus’ ambitious strategy as a company meeting the AI ​​era head-on.

    Tim Cook was Mr. Services, massively growing this business. But Ternus says clearly: why not both?

    Finally, it seems Apple has found a new way to take its “walled garden” design philosophy – a closed, safe ecosystem that fosters trust, its iconic design language and curated partners – and apply it to the home, literally putting its customers inside.

    Learn more.

  • Good morning. Here’s what’s happening today.

    Economic data: MBA mortgage applications, week ended October 9 (-4.2% previously); CPI, month on month, September (+0.6% expected, +0.4% previously); Core CPI, month-on-month, September (+0.2% expected, +0.3% previously); CPI, year-on-year, September (+3.6% expected, +3.4% previously); Core CPI, year-on-year, September (+2.5% expected, +2.4% previously); Real average weekly salary, over one year, September (+0.4% previously); Real average hourly wage, over one year, September (-0.3% previously); The Fed publishes its beige book

    Earnings schedule: ASML (ASML), Bank of America (BAC), Morgan Stanley (MS), BlackRock (BLK), The Progressive Corporation (PGR), Fastenal Company (FAST), State Street Corporation (STT)

    Catch up on some news you may have missed overnight:

    Boston Fed’s Collins wants to raise rates again this year

    “The Baby Boomers Are Here”: How Americans Over 75 Became Wealthier Than Other Age Groups

    China’s September exports beat forecasts and imports accelerate

    Why AI Could End Price as We Know It

  • Gold stable as Fed official’s remarks temper rate hike bets

    Bloomberg reports:

    Gold maintained a two-day decline after a Federal Reserve official signaled that another interest rate hike may be needed this year but further tightening will not be needed in 2027, improving sentiment toward the precious metal.

    Bullion was trading near $4,155 an ounce, after falling 0.8% in the previous two sessions. Oil rose as renewed attacks in the Middle East threatened further energy disruptions that could weigh on inflation and justify higher borrowing costs. Brent crude was above $106 a barrel.

    New York Fed President John Williams said he believes another interest rate hike would be appropriate this year. U.S. Treasury yields fell slightly after his remarks, supporting gold, which generally fares better in a low-rate environment because it doesn’t pay interest.

    Learn more.

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