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US CPI ahead keeps Dow and Nasdaq futures steady

S&P 500 futures were up 0.18% and Nasdaq 100 futures rose 0.48% as markets looked for July CPI to cool to 3.4% and guide Fed expectations for September.

Reported · Written up by our desk · Major Pairs

FXStreet said Dow Jones futures were steady around 53,890 in European hours on Wednesday, while S&P 500 futures rose 0.18% to about 7,760 and Nasdaq 100 futures gained 0.48% to roughly 29,770.

The cautious tone reflected expectations for a key US inflation release, with the annual CPI rate projected to slow for a second straight month to 3.4% in July, from 3.5% in June. On a month over month basis, CPI was forecast to rise 0.1% after June’s 0.4% decline.

Uncertainty remains high over the Fed’s next step, with markets split on whether policymakers will raise rates by 25 basis points in September after holding steady in July. CME FedWatch data cited by FXStreet showed the probability of a September 25 basis point increase recently dipped to nearly 50%, down from over 52% a day earlier.

FXStreet also linked the wait and see stance to oil driven hawkish expectations and geopolitical risk, noting that tensions in the Middle East resurfaced even as earlier signals suggested possible progress involving the Strait of Hormuz and US and Tehran discussions.

Latest closeS&P 500 7,728.20 ▼0.3%|Nasdaq Comp. 26,445.45 ▼0.6%|Dow Jones 53,791.85 ▼0.3%

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