Stock futures were relatively unchanged on Wednesday after the S&P 500
saw its first negative session in four.
S&P 500 futures traded down by 0.1%, along with Nasdaq 100 futures
tied to the Dow Jones Industrial Average dropped 44 points, or 0.1%.
In extended trading, shares of Oracle surged more than 7% after its fiscal fourth-quarter results beat on the top and bottom lines. The company also indicated more cloud growth ahead, saying in a statement that cloud infrastructure revenue will rise by more than 70% in fiscal 2026, up from a 50% growth rate in the prior fiscal year.
Wednesday marked a losing session on Wall Street, with the S&P 500 snapping its three-day win streak, as did the Nasdaq Composite
. But the moves were slight. The broad market index fell about 0.3%, while tech-heavy Nasdaq dropped 0.5%. The Dow Jones Industrial Average
was flat. While the day's losses put the S&P 500 a bit further away from reaching a new record high, the index is also still just more than 2% below its late February record.
Those moves come after consumer prices rose less than expected in May, as the consumer price index increased 0.1% for the month. That's less than the Dow Jones forecast for 0.2%. Core CPI, which excludes food and energy prices, also increased less than expected.
"I don't think the market has a lot of faith that we're not going to see at least a little bit higher inflation," Scott Wren, senior global market strategist at Wells Fargo, told CNBC's "Closing Bell" Wednesday. "With all the things going on, the economy slowing, earnings growth likely to slow, lots of trade negotiations to still work through, is there really a good reason to take a run at the record high? I don't know about that. It makes a lot of sense to me that we'd be choppy and maybe see a little downside here."
Investors are now looking ahead to May's reading of the producer price index, due out at 8:30 a.m. ET on Thursday. Economists polled by Dow Jones are expecting the index to show a gain of 0.2% for the period. Subtracting out food and energy, core PPI is expected to show growth of 0.3% on the month.
The Street is also waiting for more developments on trade, especially between the U.S. and China, as talks between the two countries have been a focal point this week. While officials reached an agreement in London, the deal still awaits approval from U.S. President Donald Trump and Chinese President Xi Jinping.
Trump said in a post on Truth Social earlier Wednesday that "WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%." However, Commerce Secretary Howard Lutnick later said that U.S. levies on goods from China won't change from their current levels.
Rising tensions between the U.S. and Iran will also be in focus. U.S. crude oil futures jumped more than 4% on Wednesday after Trump expressed doubt that the two countries could reach a nuclear deal
Source: CNBC
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