Stock market today: US futures tick higher after another day of declines
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- US futures were higher before the opening bell on Wednesday.
- All three indexes closed lower on Tuesday, marking the third day of declines for the S&P 500.
- Investors await the release of PCE inflation data on Friday.
US futures ticked up on Wednesday amid a cautious week for investors ahead of Friday's PCE data.
S&P 500 futures rose 0.33% shortly before 6 a.m. ET, while Dow Jones Industrial Average futures were up 0.35% and Nasdaq 100 futures climbed 0.36%.
Stocks closed lower on Tuesday after last week's market rally retreated further into the rear-view mirror.
The S&P 500 fell for the third consecutive day, ending 0.28% lower. The Nasdaq Composite also underperformed, losing 0.42%, while the Dow slipped 0.08%.
"Many investors seem a little wary as New York indexes hang near record levels, trade tensions between the US and China bubble, and key data out on Friday threatens to show US inflation is still stubborn," said Susannah Streeter of Hargreaves Lansdown in a morning note.
In London the FTSE 100 index fell 0.37% in morning trading, with energy stocks down 1.2% reflecting the jump in oil inventories.
Despite the dip, equities are still enjoying a strong start to the year and are set to end the month in the green.
Elsewhere, the US Dollar Index, which measures the strength of the greenback against six other currencies, was up 0.15%
Brent crude oil fell below $85 a barrel as traders balanced continuing supply concerns against data showing US stockpiles increased by more than expected.
Investors are gearing up for the latest PCE data due out on Friday and comments from Fed Chair Jerome Powell. Median forecasts of core PCE, the Federal Reserve's preferred inflation gauge, expect a 2.8% rise.
Until then, traders will be looking to Federal Reserve Board Governor Christopher Waller's comments on the economic outlook due later.