U.S. stocks meandered before the bell on Wednesday but remained helpless as they awaited key inflation indicators that could ease concerns that interest rates will remain high for an extended period of time.
Futures for the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) rose 0.1%, while futures for the tech-heavy Nasdaq 100 (^NDX) rose about 0.2%.
Stocks performed lackluster during the March consumer price index countdown, one of the most important points the Federal Reserve considers in its next policy decision.
Fed speakers have stressed that they want to see clear signs of inflation cooling before taking action, reducing the odds of a June rate cut. Meanwhile, a better-than-expected U.S. economy has hurt hopes for a turnaround, and investors are wary of signs that inflation easing is stalling.
The CPI report, to be released at 8:30 a.m. ET, projects annual headline inflation to be 3.4%, up from 3.4% in February. Core inflation, which excludes food and energy prices, is expected to rise 3.7% from a year ago, slowing from the previous month's 3.8% growth.
Better-than-expected results could well weigh on stocks, but signs of a weaker economy could also give momentum to a market that has lost momentum since a strong start to the year.
The minutes of the March Fed board meeting have also been made public, and are likely to be closely scrutinized for any signs that policymakers' expectations for interest rate cuts are fading.
At the same time, the first quarter earnings season begins with the earnings of Delta Air Lines (DAL), which is in the spotlight as the airline industry grapples with the impact of Boeing's (BA) ongoing issues. That sets the stage for Friday's report from Wall Street's biggest banks, whose profits are not expected to be dizzying.
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