Stock futures fall ahead of CPI update, and after China inflation surges

Stock futures fall ahead of CPI update, and after China inflation surges
Stock futures fall ahead of CPI update and after China
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U.S. stock futures slipped as investors awaited key inflation data, a day after major indexes broke lengthy winning streams. A surprise jump in consumer prices in China was also seen as denting some enthusiasm for equities.How are stock-index futures trading?
S&P 500 futures
ES00,
-0.26%
were down 0.1% at 4,673

Dow Jones Industrial Average
YM00,
-0.22%
futures fell 0.1% to 36,166

Nasdaq-100 futures
NQ00,
-0.36%
fell less than a percent to 16,199

On Tuesday, the Dow Jones Industrial Average
DJIA,
-0.31%
fell 112 points, or 0.31%, to 36320, the S&P 500
SPX,
-0.35%
declined 16 points, or 0.35%, to 4685, and the Nasdaq Composite
COMP,
-0.60%
dropped 96 points, or 0.6%, to 15887.

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What’s driving the market? Inflation will swing into focus for Wednesday, with U.S. October consumer prices expected to jump on both headline and core basis — by 0.6% and 0.4%, respectively. Annual CPI is expected to climb 5.8%, the highest level in 30 years, noted Neil Wilson, chief market analyst for Markets.com. Those data will be released at 8:30 a.m. Eastern time, alongside weekly jobless claims, with the October federal budget due at 2 p.m. Eastern Time. The CPI update comes a day after news of higher U.S. producer prices. Meanwhile, China on Tuesday reported its own factory gate prices surged 13.5% in October, the highest level since 1996. Consumer prices in the country rose 1.5% to a 13-month high, driven mainly by a jump in prices for food and fuel. Investors will be waiting to see if stocks can recover after Tuesday’s losses halted an eight-day win streak for the S&P 500 and an 11-session winning run for the Nasdaq Composite. The pause came as talk of a melt-up for stocks has increased amid an unusually strong run-up moving into the holidays. “The decline in Tesla was a factor, but ultimately such a straight charge up will just run out of gas sooner or later. The look-ahead to inflation is maybe a factor so this needs to be assessed with today’s CPI print,” said Wilson. Shares of Tesla
TSLA,
-11.99%
tumbled 11% on Tuesday after a string of headlines that have rattled investors. Founder and CEO Elon Musk over the weekend asked Twitter followers if he should sell 10% of his stock, with the majority saying yes, and his brother Kimbal sold shares a day before that tweet. After surging 42% in October, the electric-car maker’s stock has dropped 16% this week, though rose 2% in premarket trading. And a Tesla rival will begin trading on the Nasdaq Wednesday, as Amazon.com
AMZN,
+2.50%
-backed electric-vehicle maker Rivian Automotive Inc. is due to debut under the ticker symbol RIVN RIVN. Rivian priced its initial public offering at $78 a share Tuesday evening, well above its expected range and valuing the company at $77 billion on a fully diluted basis. Rivian IPO: 5 things to know about the Amazon-backed electric-vehicle maker And: NIO forecast disappoints as Chinese electric-car maker faces supply-chain concerns The Walt Disney Co.
DIS,
-1.00%
is among companies due to report earning on Wednesday. What companies are in focus?
Coinbase Global Inc.
COIN,
+0.98%
stock dropped 11% in premarket trading, after the cryptocurrency platform reported disappointing sales amid a summer slowdown in crypto trading.

DoorDash Inc.
DASH,
-0.59%
stock climbed 17%, after the delivery company posted record sales and orders, and announced an all-stock deal worth more than $8 billion for Finnish commerce-delivery platform Wolt.

Upstart Holdings Inc.
UPST,
-6.24%
reported better-than-expected earnings for its latest quarter, but shares of the lending company fell 17% in premarket trading.



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