US stock futures point way higher before inflation
New York: U.S. stock futures pointed to a positive start for Wall Street on Wednesday ahead of a hotly-awaited reading on inflation seen as crucial to the fate of a two-week old downturn.
The data due at 8:30 a.m. ET is expected to show U.S. consumer prices increased solidly in January, boosted by rising gasoline and rents, but annual inflation growth is expected to have slowed to 1.9 percent, and to 1.7 percent on a core basis.
That might soothe some of the nerves over rising price pressure, and resulting expectations of higher interest rates and a less-bullish U.S. consumer, that sparked the initial selloff two Fridays ago.
Data on retail sales is also due at the same time, forecast to increase 0.2 percent in January after a 0.4 percent gain in December.
By 6:49 a.m. ET, Dow e-minis 1YMc1 were up 139 points, S&P 500 e-minis ESc1 were up 12.25 points and Nasdaq 100 e-minis NQc1 were up 33.25 points.
Following a slump into correction territory last week, the S&P 500 .SPX has recovered 3.2 percent in the past three sessions. It remains down 7.3 percent from a record high on Jan. 26 and is currently priced at levels from early December.
The CBOE Volatility index .VIX, known as Wall Street’s fear gauge, whose impact on funds using computer-driven trading strategies is also seen as a contributing factor to the selloff, eased to a week low of 22.81, after shooting above 50 points in the peak of last week’s falls.
VIX contracts are set to expire, potentially making the index more volatile than usual.
Among early movers, Chipotle Mexican Grill Inc (CMG.N) gained more than 10 percent in premarket trading after the company hired former Taco Bell head, Brian Niccol, as the new chief executive.
Fossil Group (FOSL.O) jumped nearly 70 percent after the watch and accessories retailer reported better-than expected quarterly results.
Chinese internet search firm Baidu (BIDU.O) gained 5.2 percent after reporting upbeat quarterly revenue and the company unveiled a U.S. listing plan for its Netflix-like video platform iQiyi.
Of the 70 percent of the S&P 500 companies that have reported earnings, nearly 78 percent of them topped profit expectations, according to Thomson Reuters data. That is above the 72 percent average beat-rate in the past four quarters.
European Commission President Jean-Claude Juncker will not arrive in the United States for talks with U.S. President Donald Trump with a specific trade offer, the Commission said.
Kejriwal welcomed the SC's order that said there cannot be a "complete ban" on holding protests and sit-ins at places like Jantar Mantar and Boat Club.
Oilfield services provider Halliburton Co’s (HAL.N) quarterly revenue jumped 24 percent as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.
A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter.
A decision to fund the purchase of a stake in Russian oil major Rosneft via loans from European banks was not effective, Igor Sechin said.
The station, which was named after Lord Elphinstone, the Governor of Bombay Presidency from 1853 to 1860, has now been renamed in honour of a local deity.
Lavasa -an ultimate getaway, a city that would offer the charms of European locales, with five star comforts in a scenic part of Maharashtra has now become an abandoned town.
A second chargesheet by the ED has confirmed the trail of illegal cash Mallya transferred to his accounts across global tax havens.
Delayed payment by GMR-led DIAL, the Delhi airport operator, to the CISF guards could eventually lead to passengers paying more to fly out of the Indian Capital.
The West Bengal Police has claimed to have busted a Rs 100 crore plus job racket in the Indian Railways following a crucial arrest in the Indian Capital.