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US stock futures stepped higher on Wednesday as investors waited for the latest reading on consumer inflation and braced for the next move in President Donald Trump’s escalating trade war.
S&P 500 futures (ES=F) rose roughly 0.7%, after the benchmark closed not far off correction territory on Tuesday. Dow Jones Industrial Average futures (YM=F) moved up 0.5%, or 190 points, while those on the tech-heavy Nasdaq 100 (NQ=F) paced the gains, up 0.8%.
As Wall Street increasingly worries about stagflation, eyes are on Consumer Price Index data due later for insight into the economy’s health. But Trump’s fast-moving tariff policy is also front of mind after uncertainty fueled another volatile session ending in losses on Tuesday.
CBOT – Delayed Quote USD
As of 7:12:50 AM EDT. Market Open.
YM=F ES=F NQ=F
The latest wave of US tariffs went into effect as scheduled on Wednesday, putting 25% tariffs on steel and aluminum imports from all countries. The EU responded with counter-tariffs on $28 billion in US goods from April.
Read more: The latest on Trump’s tariff plans
Even as economic forecasts grow grim, Trump is forging ahead with his plans to impose broad tariffs, saying on Tuesday he doesn’t foresee the US going into a recession.
Given that, February’s CPI reading will test whether an inflation resurgence is a risk to the US economy, as investors debate if and when the Federal Reserve will cut interest rates in 2025. The report, set for release at 8:30 a.m. ET, is expected to show headline consumer inflation moderated compared with January.
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The stock market’s sharp drop might have already priced in a ‘shallow’ recession
A run of disappointing US economic data to start 2025 has prompted downgrades to forecasts for GDP growth — with Trump’s policy agenda seen as a key drag.
The S&P 500 (^GSPC) is on the verge of correction territory — 10% off its most recent record high — as those fears of an economic slowdown sparked a sell-off.
Yahoo Finance’s Josh Schafer reports:
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Intel stock jumps after report TSMC is pursuing a foundry JV with other chip leaders
Intel (INTC) shares jumped almost 8% in premarket after a Reuters report said TSMC has approached Nvidia (NVDA), Broadcom (AVGO), and AMD (AMD) about a joint venture for its chipmaking plants.
The stock has been on a ride recently as Wall Street wavered over the chances of potential deals with rivals that would break up Intel. Its shares have lost over half their value this year, which has seen the struggling US chipmaker searching for a new CEO.
But analysts have noted that a TSMC-Intel deal is likely to face scrutiny from regulators at home and abroad, and argue that a foundry move wouldn’t make sense given a difference in manufacturing processes.
Reuters reports, citing sources familiar with the matter:
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Good morning. Here’s what’s happening today.
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Trending tickers after-market Tuesday
Groupon (GRPN)
Groupon shares rocketed up 23% after the e-commerce marketplace issued better-than-expected full-year revenue guidance. Groupon forecasts full-year revenue from $493 million to $500 million.
Finance of America Inc (FOA)
Retirement loans company Finance of America stock tanked 17% in after-hours trade.
Stitch Fix, Inc (SFIX)
Stock in online personal styling and e-commerce apparel retailer Stick Fix jumped 19% in after-hours trade. After announcing earnings, Stitch Fix projects total fiscal-year sales between $1.225 billion and $1.240 billion as the company pivots to AI algorithm usage in its styling service.
