US equity futures were little changed for a second straight session on Wednesday, as uncertainty over the war in the Persian Gulf and the imminent release of February CPI data kept investors from adding risk. Futures on the three major US equity benchmarks hovered near the flatline.
Benchmark crude oil, refined products, and natural gas prices held below their monthly highs after the IEA proposed a record-sized release of strategic petroleum reserves and President Trump suggested the conflict could end soon. Even so, rate-sensitive sectors remained under pressure as higher bond yields, driven in part by earlier energy price spikes, dampened expectations for Federal Reserve rate cuts this year.
The inflation outlook was set to be updated with the February CPI report, though the figures will not reflect the latest oil shock. Meanwhile, the technology sector continued to underpin the main indices, with Oracle jumping 10% after issuing guidance that topped forecasts.