Dow Jones Today: Stock Futures Little Changed Ahead of Key Inflation Data as Market Looks to Add to Record Highs

Stock futures were little changed Wednesday ahead of the release of the Federal Reserve’s preferred measure of inflation, as investors digested a flurry of earnings reports from technology companies that came out after yesterday’s closing bell.

Futures tied to the Dow Jones Industrial Average were up 0.1%, while the S&P 500 and Nasdaq fell 0.1% and 0.2%, respectively. The Dow and the S&P 500, which has finished higher for seven consecutive sessions, each set all-time highs on Tuesday.

Among the noteworthy post-earnings movers ahead of the bell Wednesday, Dell (DELL) shares were down 12%, Workday (WDAY) also slid 12%, HP (HPQ) fell 7% and CrowdStrike (CRWD) was off 2%.

Large-cap tech stocks were mixed in premarket trading. Nvidia (NVDA), Apple (AAPL) and Microsoft (MSFT) were losing ground, while Tesla (TSLA), Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) inched higher.

Investors will be keeping a close eye on the release of the monthly Personal Consumption Expenditures Index, scheduled for 10 a.m. ET. The inflation report is a key data point for the Fed in its decision-making on interest rates.

The yield on 10-year Treasurys, which is correlated with expectations about where interest rates are headed, was at 4.25% this morning, down from 4.30% yesterday. The yield has generally been moving higher for several weeks as market participants have recalibrated their thinking about how aggressive the Fed will be in easing rates.

Bitcoin was trading at around $93,800, up slightly from late yesterday but well below the record high of just under $100,000 it hit last Friday.

Gold futures were up 1% to around $2,680 an ounce, while crude oil futures rose about 0.5%.