US pre-open: Futures trade higher ahead of Powell speech, inflation data
Wall Street futures were in the green ahead of the bell on Wednesday as major indices looked set to continue on their February rally ahead of more earnings, some key inflation data and a speech from Fed chair Jerome Powell later in the day.
As of 1230 GMT, Dow Jones futures were up 0.30%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.33% and 0.38% firmer, respectively.
The Dow closed just 9.93 points lower on Tuesday, narrowly putting a stop to a multi-day winning streak for the index.
Corporate earnings were again in focus on Wednesday, with Twitter, Lyft, Yelp, Mattel and Cisco all posting better-than-expected earnings overnight
Coca-Cola topped fourth-quarter earnings per share estimates by $0.05 despite posting a 5% drop in revenues, while Under Armour came in ahead of quarterly revenue estimates on the back of an online sales boost.
Still to come, General Motors will report earnings shortly, while Spirit Airlines, Western Union, MGM Resorts and Uber will all post earnings following the close.
On the macro front, increased mortgage interest rates over four of the first six weeks of 2021 have seemingly dented mortgage demand, with overall mortgage application volume falling 4.1% week-on-week as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $548,250 increased to 2.96% from 2.92%, according to the Mortgage Bankers Association.
Still to come, January inflation data will be published at 1330 GMT, while wholesale inventory numbers for December will follow at 1500 GMT and the US 2021 full-year budget plan will be released at 1730 GMT.
Comments from Fed chair Jerome Powell before the Economic Club of New York and the publication of January's monthly budget statement will both come at 1900 GMT.