5 Things to Know Before the Stock Market Opens

Stock futures are holding steady Wednesday ahead of the release of a key inflation report; the International Energy Agency is discussing plans to release a major amount of oil from its reserves to mitigate the impact of the Iran war on the global energy supply chain; consumer price index data for February is expected to show inflation held steady, though experts warn that the war and volatile oil prices could spark inflation in the months ahead; Oracle shares are surging after the cloud services firm reported strong earnings and lifted its outlook; and Boeing said some first-quarter deliveries could be delayed. Here’s what you need to know today.

Stocks Little Changed Ahead of Inflation Data

Stock futures are hovering near unchanged Wednesday morning as investors continue to assess the latest developments around the Iran war and await the release of closely followed inflation data (more on that below). Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq were each down 0.1% recently. On Tuesday, the Dow and S&P 500 each posted small declines while the Nasdaq finished fractionally higher, as the volatility brought on by the war continued and oil prices tumbled. Crude oil futures are back on the rise this morning—WTI futures, the U.S. benchmark, were up 3% at $86 per barrel recently—as investors continue to seek clarity on how the global supply will be affected by the war. Gold futures were down 1% recently at $5,190 an ounce, while bitcoin is trading around $69,500, down from highs of nearly $72,000 yesterday. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.17% this morning, up from 4.14% at yesterday’s close.

IEA Reportedly Considering Release of Oil Reserves

The International Energy Agency is poised to decide whether to release a record amount of oil from the group’s strategic reserves today. The Wall Street Journal reported that the IEA circulated a proposal internally on Tuesday to potentially release up to 400 million barrels of oil from its reserves, more than double what it released to mitigate the impact of Russia’s invasion of Ukraine in 2022. The 32 member nations are expected to decide on the plan today, per the Journal. The proposal comes after Group of Seven finance and energy officials met Tuesday to discuss possible releases from their own reserves to stem the impact of the war in Iran on the global oil supply chain. WTI futures have risen nearly 30% since the Iran war began in late February, pushing gasoline prices sharply higher.

February Inflation Data Due Out Wednesday

Investors will get their latest data point on the health of the U.S. economy with the release, scheduled for 8:30 a.m. ET, of the consumer price index report for February. The CPI is expected to show that prices rose by 2.4% in February compared to the same month last year, the same rate as in January. “Core” inflation, which excludes volatile food and energy prices, is expected to come in at 2.5%, also the same as January. However, the report may not carry the weight it typically does as it won’t account for the surge in gas prices recently, which could affect overall inflation in the months to come. The report will still likely hold some influence with Federal Reserve officials, who are due to meet next week to set interest rates. The Fed is widely expected to hold its key rate steady next week, as inflation remains well above the central bank’s 2% annual target.

Oracle Stock Jumps After Strong Earnings Report

Oracle (ORCL) shares are jumping this morning, a day after the cloud computing giant beat Wall Street estimates in its latest quarterly earnings report. Oracle also lifted its revenue outlook for fiscal 2027, and said its backlog is at a record $553 billion. The stock has been in a slump for the last several months as investors have grown concerned about that backlog’s reliance on a few large customers, notably OpenAI, and about Oracle’s debt load as it raises money to fund its data center buildout. Oracle shares, which through yesterday’s close had shed a quarter of their value since the start of the year, were up 10% in recent premarket trading.

Boeing Says Deliveries Could Be Delayed

Boeing’s (BA) production quality improvements hit a snag on Tuesday, as the plane maker said it found scratched wiring in some of its undelivered aircraft, per multiple reports. The company did not share a number of planes that were affected or specific fixes, but said it has identified the cause and said the issue could be fixed in a number of days for each plane impacted. While the issue could delay some first-quarter deliveries, Boeing said it is holding its delivery targets steady at around 500 737 MAX planes this year. Extra focus has been placed on Boeing’s production quality in the last two years since a door plug detached from an Alaska Airlines plane in mid-flight in Jan. 2024, leading to months of investigations, production halts, and a CEO change. Boeing shares were little changed premarket after sliding 3% Tuesday.