U.S. stock futures were slightly higher in pre-market trading Wednesday as Wall Street braced for a key inflation print out of Washington.
Futures tied to the benchmark S&P 500 index were up 0.3%, while contracts on the Dow Jones Industrial Average advanced by 70 points, or about 0.2%. Nasdaq futures climbed 0.4%.
The Bureau of Labor Statistics’ consumer price index (CPI) for July set for release at 8:30 a.m. ET. The latest print is likely to reflect a slight moderation from the prior month, mainly helped by lower gas prices. The figure, however, is still expected to show inflation again rose at the highest pace in four decades.
Economists surveyed by Bloomberg expect the broadest measure of CPI rose by 8.7% annually last month, a number that would mark a slight cooldown from 9.1% in June. Over the month, CPI is expected to show an increase of 0.2%, compared to 1.3% in the previous month-over-month reading.
“The outlook for inflation remains the primary concern for investors,” Wilmington Trust Chief Investment Officer Tony Roth and Chief Economist Luke Tilley said in a note. “Persistent inflation is weighing on sentiment for consumers and businesses, yet economic data remains quite mixed and concerns are elevated that aggressive Fed policy could push the U.S. into recession.”
Meanwhile, Elon Musk dumped $6.9 billion worth of Tesla (TSLA) stock late Tuesday after the electric carmaker’s Chief Executive Officer said he was done selling shares of the company. Musk said in a tweet that he wanted to avoid an emergency sale of Tesla stock in the event he’s forced to proceed with his deal to acquire Twitter (TWTR).
On the earnings front, shares of Coinbase (COIN) slid 5% in extended trading after the cryptocurrency exchange reported second-quarter earnings Tuesday afternoon that came short of Wall Street estimates and said user growth slowed and is set to fall further the rest of this year.
Roblox (RBLX) also took a hit early Wednesday following a harsh miss on results for the second quarter as consumers scale back on discretionary spending and the gaming industry sees a slowdown in the pandemic-fueled boom. Shares plunged nearly 15% ahead of the open.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc