FX.co ★ US Futures Hold Pickup

Futures tracking US equities were little changed on Wednesday, holding on to gains from the previous session as investors awaited further inflation data to refine expectations for Federal Reserve policy. Contracts tied to the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 hovered just above the flatline.

Core producer prices are expected to have risen sharply in June, in stark contrast to Tuesday’s softer consumer price index reading, which effectively wiped out market bets on a Fed rate hike in two weeks’ time. The latest data come alongside a renewed climb in energy prices, reversing part of last month’s pullback amid a further escalation in tensions and strike activity between the US and Iran.

US Treasury yields extended their advance, but robust corporate earnings continued to support broad equity gains. The heavyweight artificial intelligence sector drew additional momentum from upbeat signals by ASML, which boosted sentiment toward chipmakers such as AMD and Intel in premarket trading, even as volatility persisted among memory manufacturers.

Morgan Stanley rose about 1% after delivering upbeat quarterly results, adding to a string of strong earnings reports from major banks including JPMorgan, Bank of America, Citigroup, and Goldman Sachs released on Tuesday.