U.S. futures listed on the New York Stock Exchange remained stable on Wednesday ahead of the release of the Consumer Price Index later in the day. The benchmark S&P 500, Nasdaq 100, and Dow Jones Industrial Average all remained relatively unchanged, while across the pond, the Stoxx Europe 600 slipped by 0.2%.
The British pound fell 0.2% against the dollar to $1.2841, while the euro rose 0.3% to $1.1021. The Japanese yen continued hovering around 146.96 per dollar. The Bloomberg Dollar Spot Index remained stagnant. Shifting the focus to cryptocurrencies, Bitcoin rose 1.2% to $61,287.69 while Ether gained 1.8%, settling at $2,747.95.
Shares in Google’s parent company Alphabet Inc. fell by 1% in premarket trading after it was announced that the U.S. Justice Department is seeking to break up the Google organization.
The upcoming Consumer Price Index is expected to show an easing in U.S. price pressures, thereby strengthening the argument for the Federal Reserve to cut its interest rates. “We think inflation is no longer going to be an issue for the Fed and they will be able to cut,” Coutts’ head of asset allocation Lilian Chovin observed.