U.S. stock futures were trading lower on Wednesday morning as investors awaited the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.28%, 0.07%, and 0.14%, respectively, at 3:35 a.m. EST, November 27.
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In the previous trading session, the stock market witnessed positive momentum. The Dow Jones and the S&P 500 hit new all-time highs and closed higher by 0.28% and 0.57%, respectively. Further, the Nasdaq Composite gained 0.63%, driven by the surge in technology stocks.
In major after-market action, Dell Technologies (DELL) shares tumbled over 11% after its Q3 revenue missed analysts’ estimates. Also, HP (HPQ) stock was down more than 7% after the company provided a weak earnings forecast.
On the economic front, investors are awaiting the release of PCE data, which can provide insights into the potential trajectory of interest rates. The core PCE index, excluding volatile food and energy prices, is expected to rise 2.8% year-over-year. Importantly, this data point is closely watched by policymakers as it could influence the Fed’s future monetary policy decisions.
Moving to corporate earnings, the calendar remains light with only a handful of companies releasing their quarterly numbers today, including Patterson Companies (PDCO) and B. Riley Financial (RILY).
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.271% at the time of writing. At the same time, WTI crude oil futures are trending higher, hovering near $68.99 per barrel as of the last check.
Elsewhere, European indices opened lower on Wednesday morning as investors assessed the potential global impact of U.S. President-elect Donald Trump’s proposed tariff hikes.
Asia-Pacific Markets Traded Mixed on Wednesday
Asia-Pacific indices were mixed today. Chinese stocks gained on hopes that Beijing will introduce additional stimulus measures to address ongoing economic challenges. This came after China’s industrial profits fell 4.3% year-over-year in October.
Hong Kong’s Hang Seng index gained 2.32%. Further, China’s Shenzhen Component and Shanghai Composite indices were up by 1.53% and 2.25%, respectively. However, Japan’s Nikkei and Topix indices closed lower by 0.8% and 0.9%, respectively.
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