US pre-open: Futures lower ahead of CPI reading, impeachment vote
Wall Street futures had stocks opening lower ahead of the bell on Wednesday as the Covid-19 pandemic continued to spread across the States.
As of 1230 GMT, Dow Jones futures were down 0.16%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.24% and 0.17% lower, respectively.
The Dow closed 60.0 points higher on Tuesday as investors cheered positive news regarding the roll-out of Covid-19 vaccines in the US.
Market participants will be keeping a keen eye on the December consumer price index report for any hints about rising inflation, which could potentially drive already inflated rates even higher.
The yield on the benchmark 10-year Treasury note briefly hit 1.18%, its highest level in March, with expectations for additional fiscal stimulus being one of the principal reasons behind the steady move higher.
Also in focus, the House of Representatives plans to vote on whether or not to impeach Trump for a second time following last week's events at the Capitol Building in Washington.
CMC Markets' Michael Hewson said: "US markets look set to open modestly higher, as US treasury yields slip back from their recent peaks, and Fed officials push back on the prospect of an earlier than expected taper.
"The main focus remains on the new US administration's fiscal program which we should get more detail on later this week when President-elect Biden is expected to set out his stall from a policy priority standpoint."
On the macro front, as mortgage rates remain at all-time lows, applications for home loans reached their highest level since March, according to the Mortgage Bankers Association, with mortgage applications soaring 16.7% week-on-week, in the seven days ended 8 January.
Still to come, inflation data for December will be released at 1330 GMT and the Government's monthly budget statement will be published at 1900 GMT.
No major corporate earnings were slated for release on Wednesday.