Stock futures ticked higher early Wednesday. Investors eagerly await a consumer inflation report due later in the day. Futures tied to the S&P 500 advanced by 0.22%.
Nasdaq 100 futures rose by 0.29%. Dow Jones Industrial Average futures edged up by around 0.33%. This optimistic after-hours action follows a turbulent day in tariff policy.
It led to losses for all three major averages. At its lowest point, the S&P was down 10% from its closing high, and the 30-stock Dow Jones Industrial Average closed nearly 480 points, or 1.1%, lower.
The Nasdaq posted a roughly 0.2% decline. On Tuesday, President Donald Trump announced plans to double import duties on Canadian steel and aluminum imports to 50%, effective Wednesday. This was in response to Ontario’s decision regarding electricity exports to the U.S. Ontario Premier Doug Ford responded to the escalating trade tensions.
White House trade advisor Peter Navarro confirmed the increases and reiterated that the 25% duty imposition on these metals would proceed as planned. In addition to tariff concerns, traders face another catalyst on Wednesday: the February consumer price index (CPI) report.
Economists polled by Dow Jones expect the CPI to have risen by 0.3% last month.
Stocks inch higher before CPI report
They anticipate headline inflation growth of 2.9% from 12 months earlier.
The results will potentially guide the Federal Reserve’s next policy steps. This comes amid rising market concerns about inflation and slowing growth. “We’re just waiting on some kind of policy response, either from the Fed or the administration,” said Warren Pies, co-founder of 3Fourteen Research.
“I think that’s going to be a little bit slow coming. And so I don’t think it’s time to buy the dip just yet.”
Several stocks made significant moves in extended trading:
Shares of a major e-commerce marketplace gained nearly 7% after issuing better-than-expected full-year revenue guidance. The company forecasted a full-year revenue range of $493 million to $500 million.
This surpassed analysts’ expectations of $491.5 million. A property and casualty insurance company saw its shares slip by 4% after reporting net income of 66 cents per diluted share in the fourth quarter, down from $1.15 per share a year ago.
Stock in a convenience store operator advanced by 3% following fiscal third-quarter results that exceeded analysts’ forecasts on both top and bottom lines. The firm reported earnings of $2.33 per share on revenue of $3.90 billion. Analysts expected $1.96 per share and $3.73 billion in revenue.
As investors look towards the February CPI report for market direction, stock futures opened little changed on Tuesday. Futures tied to the S&P 500 increased by 0.13%. Nasdaq 100 futures rose by 0.17%.
Dow Jones Industrial Average futures gained 37 points, or 0.09%.
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