Futures lower; oil price, inflation data in focus

Business


U.S. stock futures pointed to a negative open on Wednesday amid volatility in the oil market and as investors looked ahead to upcoming inflation data.

As of 4:40 a.m. ET, Dow Jones Industrial Average futures were 78 points lower, indicating a lower open of -23 points, while S&P 500 and Nasdaq futures were also in the red.

On Tuesday, stock markets stateside navigated through a wildly volatile session, with the Dow falling just a touch above 100 points by the close, despite a rise earlier in the session in excess of 100 points.

Reports of renewed trade talks between the U.S. and China failed to lift sentiment on Wednesday, with traders keeping a wary eye on volatility in the oil market.

Oil rebounded from losses earlier in the session following Tuesday’s 7 percent plunge. Prices had initially fallen on the back of investor angst over fears of an abundance of supply and not enough demand. President Donald Trump earlier this week sent another warning to producer cartel OPEC (Organization of Petroleum Exporting Countries), saying he hoped the group would not cut output in a move to buoy prices.

London Brent crude futures were 1.45 percent higher, trading at $66.42 a barrel, while U.S. West Texas Intermediate (WTI) climbed 0.9 percent to $56.20.



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