Stock futures trade higher ahead of key inflation report

Wednesday's consumer price index report is expected to rise 1.1% in June, keeping inflation at a 40-year high

U.S. equity futures were trading higher ahead of a highly anticipated report on inflation.

The major futures indexes suggest a gain of 0.3% when trading begins on Wall Street.

The consumer price index is expected to rise 1.1% month-over-month in June. That’s up from a 1.0% increase in May, but below a 1.2% spike in March. 

On a year-over-year basis watch for prices to soar 8.8% in June, a new four-decade high and up from May’s annual gain of 8.6% which was the highest since December 1981.  If you factor out volatile food and energy costs, core consumer prices are anticipated to rise 0.6% for the third consecutive month. 

A cashier assists a customer at a checkout counter at Harmons Grocery store in Salt Lake City, Utah, U.S., on Thursday, Oct. 21, 2021. More than a year and a half after the coronavirus pandemic upended daily life, the supply of basic goods at U.S. grocery stores and restaurants is once again falling victim to intermittent shortages and delays. Photographer: George Frey/Bloomberg

A cashier assists a customer at a checkout counter at Harmons Grocery store in Salt Lake City, Utah. (George Frey/Bloomberg / Getty Images)

INFLATION LIKELY HIT FEVER PITCH IN JUNE WITH CONSUMER PRICES SURGING AGAIN

Oil prices rebounded from Tuesday's plunge but stayed below $100 per barrel.

U.S. West Texas Intermediate crude traded at $96 a barrel. Brent crude futures were at $99 a barrel.

Oil rig drilling in Texas

An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas, U.S., May 3, 2017. (REUTERS/Ernest Scheyder  / Reuters Photos)

Prices fell by more than 7% on Tuesday amid volatile trading.

ENERGY EXPERT WARNS 'TIGHT' GLOBAL OIL MARKET IS 'GETTING WORSE'

Bitcoin traded below $20,000.

In Asia, Tokyo's Nikkei 225 added 0.5%, the Hang Seng in Hong Kong slipped 0.1% and China's Shanghai Composite Index gained 0.1%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32969.23 +59.64 +0.18%
SP500 S&P 500 4140.77 +12.04 +0.29%
I:COMP NASDAQ COMPOSITE INDEX 12431.527519 +50.23 +0.41%

In Tuesday's session on Wall Street, the S&P 500 lost 0.9% to 3,818.80, declining for a third day. Technology, health care and energy stocks accounted for a big share of losses.

NYSE Trading floor in New York City

Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid / Reuters Photos)

The Dow Jones Industrial Average slid 0.6% to 30,981.33 and the Nasdaq composite slid 0.9% to 11,264.73.

PEPSICO WARNS SODA, SNACK PRICES MAY RISE

Big companies are due to report second-quarter results over the next few weeks.

The yield on the 10-year Treasury, or the difference between the market price and the payout at maturity, was steady at 2.95%. 

The Associated Press contributed to this report.