U.S. stock index futures showed little movement on Wednesday as traders positioned for two key events: Nvidia’s quarterly earnings release and the latest U.S. inflation print. At 11:41 a.m. ET, Dow Jones futures were down 0.25%, S&P 500 futures slipped 0.03%, and Nasdaq futures fell 0.18%.
The caution came as the annual U.S. inflation rate rose 3.7% in the 12 months through July, according to Commerce Department data, while second-quarter economic growth was confirmed at 1.5%. Traders assigned a 38.1% probability of a Federal Reserve interest rate hike at the September meeting, based on CME FedWatch data. Fed Chair Kevin Warsh is scheduled to speak at the Jackson Hole symposium on Friday, adding to the focus on policy signals.
Among individual stocks, Moderna declined 7.4% after disclosing late-stage cancer vaccine trial data the prior week, in partnership with Merck. The drop made it the largest decliner in the S&P 500. Meta Platforms advanced 1.9% after agreeing to pay up to $18 billion and implement changes to Facebook and Instagram to settle claims regarding harm to children brought by U.S. states. Microsoft and Apple each rose about 0.7%.
Intuit fell 4.3% after the TurboTax maker forecast annual revenue below Wall Street expectations. J.M. Smucker gained 2.6% after projecting a smaller-than-expected decline in annual sales for its Folgers coffee brand. Healthcare stocks led declines on the S&P 500 with a 0.9% drop.
Market breadth showed declining issues outpacing advancers by a 1.18-to-1 ratio on the NYSE and a 1.61-to-1 ratio on the Nasdaq. The S&P 500 recorded 10 new 52-week highs and 3 new lows, while the Nasdaq Composite posted 50 new highs and 57 new lows.
Separately, a report citing Iran’s Revolutionary Guards stated that Tehran and Oman had reached agreements regarding their share of revenue from the Strait of Hormuz.
