| | The major U.S. index futures are pointing to a higher opening on Wednesday following the lackluster performance seen in the previous session.
The upward momentum on Wall Street comes following the release of a report from the Labor Department showing consumer prices increased in line with economist estimates in the month of October.
The relatively tame inflation data may offset some recent concerns about the Federal Reserve raising interest rates faster than currently anticipated.
Trading activity may remain somewhat subdued, however, as lingering concerns about the global economic outlook may keep some traders on the sidelines.
Remarks by Fed Chairman Jerome Powell after the close of trading are also likely to attract attention, as traders look for additional clues about the outlook for interest rates.
Last week, the Fed left interest rates unchanged as widely expected but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.
Following the sell-off seen on Monday, stocks turned in a relatively lackluster performance during trading on Tuesday. The major averages spent the day bouncing back and forth across the unchanged line.
While the tech-heavy Nasdaq inched up 0.01 points or less than a tenth of a percent to 7,200.88, the S&P 500 dipped 4.04 points or 0.2 percent to 2,722.18 and the Dow fell 100.69 points or 0.4 percent to 25,286.49.
The choppy trading on Wall Street came as traders continued to express uncertainty about the global economic outlook and the impact of an anticipated increase in interest rates.
The initial strength on Wall Street came after a report from the Wall Street Journal said high-level U.S.-China trade talks have resumed ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this month.
Traders largely shrugged off a report from the Wall Street Journal indicating high-level U.S.-China trade talks have resumed ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this month.
The Journal said Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He spoke by telephone on Friday about a deal that would ease trade tension.
Traders seemed reluctant to make more significant moves ahead of the release of closely watched reports on consumer price inflation, retail sales and industrial production in the coming days.
A notable drop by Boeing (BA) weighed on the Dow after a report from the Wall Street Journal said the aerospace giant withheld information about potential hazards associated with the automated stall-prevention system on its 737 MAX 8 and MAX 9 models.
Home improvement retail giant Home Depot (HD) also closed lower despite reporting better than expected third quarter results and raising its full-year guidance.
Energy stocks showed a substantial move to the downside on the day amid a steep drop by the price of crude oil. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 4.3 percent and the NYSE Arca Oil Index tumbled by 2.6 percent.
A decrease by the price of gold also weighed on gold stocks, resulting in a 1.3 percent drop by the NYSE Arca Gold Bugs Index.
On the other hand, semiconductor stocks rebounded after moving sharply lower over the past few sessions, with the Philadelphia Semiconductor Index climbing by 1.4 percent.
Graphics chip maker Nvidia (NVDA) posted a standout gain after Susquehanna upgraded its rating on the company's stock to Positive from Neutral.
Notable strength was also visible among housing stocks, as reflected by the 1.1 percent gain posted by the Philadelphia Housing Sector Index.
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Partly reflecting a jump in energy prices, the Labor Department released a report showing consumer prices in the U.S. increased in line with economist estimates in the month of October.
The Labor Department said its consumer price index rose by 0.3 percent in October after inching up by 0.1 percent in September. Economists had expected prices to climb by 0.3 percent.
Excluding food and energy prices, core consumer prices edged up by 0.2 percent in October after creeping up by 0.1 percent in September. The uptick in core prices also matched expectations.
The annual rate of consumer price growth accelerated to 2.5 percent in October from 2.3 percent in September, while the annual rate of core consumer price growth slowed to 2.1 percent from 2.2 percent.
At 10 am ET, Federal Reserve Vice Chairman for Supervision Randal Quarles is due to testify before the House Financial Services Committee on the Fed?s supervision and regulation of the financial system.
Fed Chairman Jerome Powell and Dallas Fed President Robert Kaplan are scheduled to discuss national and global economic issues in Dallas, Texas at 5 pm ET.
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Shares of Macy?s (M) are moving sharply higher in pre-market trading after the department store operator reported better than expected third quarter earnings and raised its full-year guidance.
SurveyMonkey parent SVMK Inc. (SVMK) may also move to the upside after reporting a narrower than expected third quarter adjusted loss on revenues that exceeded analyst estimates.
On the other hand, shares of Tilray (TLRY) may come under pressure after the Canadian cannabis producer reported a wider third net loss on slightly weaker than expected revenues.
Meal-kit service Blue Apron (APRN) is also seeing pre-market weakness after reporting a narrower than expected third quarter loss but revenues that missed expectations.
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European stocks have moved to the upside on Wednesday as traders shrug off weak GDP data from Japan and Germany and lingering concerns surrounding Italy.
While the French CAC 40 Index is just above the unchanged line, the U.K.?s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.
The British pound has risen against the dollar and euro after news that the U.K. has reached a draft Brexit deal with the EU.
German auto giant BMW Group has rallied. The company sold more cars in October than ever before in the month, despite a challenging economic and political situation.
French train manufacturing and rail services group Alstom has also jumped after posting encouraging first-half results.
On the other hand, banks have fallen broadly as Italian bond yields hit three-week highs. The Italian government told the European Union Tuesday it would maintain its deficit and economic growth forecasts for 2019 despite calls from the bloc's authorities to revise its draft budget.
Miners Antofagasta, Anglo American and Glencore have fallen on concerns over slowing global growth.
British residential landlord Grainger has also tumbled after it launched a discounted share issue to buy out its Grip REIT joint venture with APG for 396 million pounds.
Cobham has also moved to the downside. The aerospace and defense firm kept its full-year expectations unchanged after posting results in line with expectations during the first ten months of the year.
In economic news, the German economy contracted at a faster than expected pace in the third quarter, marking the first decline since the first three months of 2015, preliminary figures from the Federal Statistical Office showed.
Gross domestic product declined a seasonally and calendar-adjusted 0.2 percent in the three months to September after expanding 0.5 percent in the second quarter. Economists had forecast a 0.1 percent drop.
The latest decline in GDP was the worst since the first quarter of 2013, when the economy shrank 0.3 percent. On a calendar-adjusted basis, GDP rose 1.1 percent year-on-year following a 2 percent increase in the previous quarter.
Meanwhile, U.K. inflation held steady at 2.4 percent in October compared to analyst expectations for a rise to 2.5 percent.
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Asian stocks finished mostly lower on Wednesday as global growth worries persisted and Italy's populist government escalated a dispute with the European Commission over the country's spending plans.
The Italian government told the European Union on Tuesday it would maintain its deficit and economic growth forecasts for 2019 despite calls from the bloc's authorities to revise its draft budget.
Chinese shares fell after the release of mixed economic data. The benchmark Shanghai Composite Index dropped 22.64 points or 0.9 percent to 2,632.24, while Hong Kong's Hang Seng Index ended down 138.44 points or 0.5 percent at 25,654.43.
Industrial production in China rose an annual 5.9 percent in October, the National Bureau of Statistics said today, exceeding expectations for 5.8 percent, which would have been unchanged from the September reading.
Retail sales climbed 8.6 percent year-on-year, missing forecasts for a gain of 9.2 percent, while fixed asset investment advanced an annual 5.7 percent, surpassing forecasts for 5.5 percent.
Japanese shares ended a choppy session higher as technology companies and electronic component makers surged on short covering. The Nikkei 225 Index inched up 35.96 points or 0.2 percent to 21,846.48, rebounding from the two-week low hit the previous day. The broader Topix Index closed 0.2 percent higher at 1,641.26.
Tokyo Electron, Advantest and TDK Corp rose 1-3 percent. Tokyo Electric Power surged up 6.8 percent and ChubuElectric Power rallied 3.7 percent on expectations that falling oil prices would contribute to lower costs.
Lender Mitsubishi UFJ Financial Group gained 1.5 percent after raising its net profit outlook for the fiscal year ending in March. SoftBank advanced 4.7 percent on news that the company has invested another $3 billion in co-working office company WeWork.
In economic news, the Cabinet Office said in a preliminary report that Japan's gross domestic product slipped a seasonally adjusted 0.3 percent sequentially in the third quarter.
That was in line with expectations following the 0.7 percent gain in the previous three months. On an annualized seasonally adjusted basis, GDP tumbled 1.2 percent.
Australian markets fell sharply as oil extended losses in Asian trading after plunging 7 percent on Tuesday amid worries of oversupply and slowing global demand.
The benchmark S&P/ASX 200 Index plunged 101.40 points or 1.7 percent to 5,732.80 after falling 1.8 percent the previous day. The broader All Ordinaries Index slumped 1.7 percent to finish at 5,822.30.
Origin Energy, Oil Search, Woodside Petroleum, Santos and Beach Energy tumbled 2-5 percent as oil extended a steep slide on growth fears.
Miners BHP Billiton, Rio Tinto, Fortescue Metals Group and South32 also fell 2-5 percent, while the big four banks lost 2-3 percent.
Plastics packaging maker Pact Group Holdings plummeted 9.7 percent after cutting its earnings forecast for fiscal 2019.
Meanwhile, Seven West Media rose over 2 percent. The media firm said it expects to grab a record share of the television ad market over the coming year.
In economic news, a survey from Westpac showed that its measure of Australian consumer confidence improved for a second month in November.
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Crude oil futures are climbing $0.61 to $56.30 a barrel after plummeting $4.24 to $55.69 a barrel on Tuesday. Meanwhile, after slipping $2.10 to $1,201.40 an ounce in the previous session, gold futures are inching up $0.30 to $1,201.70 an ounce.
On the currency front, the U.S. dollar is trading at 113.94 yen compared to the 113.81 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1302 compared to yesterday?s $1.1290.
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