US Futures Muted as Iran War Continues, Investors Await CPI Data

vvad]21v{48ktcgwvz5}n[ah_media_dl_1.png BloombergArticle content(Bloomberg) — US stock futures churned before Wednesday’s bell as the conflict in the Middle East continued and crude topped $90 a barrel amid vessel attacks in the crucial Strait of Hormuz.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentS&P 500 Index futures wobbled between small gains and losses ahead of the New York open. Moves in Nasdaq 100 Index contracts were also muted after three vessels were struck with suspected projectiles in the Strait of Hormuz and Persian Gulf, the UK Navy said earlier. The attacks come as the International Energy Agency proposed a release of emergency oil reserves that would be the largest in history.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle content“The oil reserve thing is psychological more than anything,” said Mark Malek, chief investment officer at Siebert Financial. “But psychology is most important for the markets right now — not just crude but also equities. Possibly even more important than bombs or barrels.”Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentBrent crude rose 3.6% to $90.95 on Wednesday morning.Article contentStocks have endured wild swings over the last few sessions as jittery traders reacted to headlines. Confusion swept across markets on Tuesday after an erroneous social media post claimed the US Navy had escorted an oil tanker through the Strait of Hormuz. Shares soared before turning negative.Article contentTuesday’s action displayed investors’ concerns over spiking oil prices and fears that it could result in higher inflation as well as a hawkish turn from the Federal Reserve. Traders will get a fresh look at inflation with the consumer price index, which is expected later Wednesday morning.Article contentWhile the CPI “seems woefully out of date right now,” XTB’s Kathleen Brooks notes that it is “still worth watching.” Should headline inflation come in weaker than 2.4%, Brooks notes it would suggest price growth was in a “more favorable place before the oil price spike, which could cushion the economic blow from the war in the Middle East.”Article contentArticle contentAlso expected this week is a readout on the Fed’s preferred inflation gauge, the personal consumption expenditures price index.Article contentDuring the premarket session, Oracle Corp. surged after posting strong results and giving an outlook that suggested there is little letup in artificial-intelligence computing demand. Nike Inc. shares advanced as the sneaker-maker was upgraded to overweight from equal-weight at Barclays.Article contentAeroVironment Inc. tumbled as the defense contractor and drone maker gave a third-quarter revenue forecast that missed consensus estimates. Cintas Corp. dropped after the company agreed to buy UniFirst Corp. in a cash-and-stock deal valuing the uniform supplier at $5.5 billion.Article contentTrending Should couple in their 50s who want to retire tap into RRSPs or apply for CPP?

Family Finance Here's why bets are rising for interest rate hikes including for Canada Economy Saudi Aramco chief warns of ‘catastrophic consequences’ in biggest crisis region's oil market has faced Oil & Gas Qatar to push LNG expansion plans to 2027 after Iran drone attack Oil & Gas Trump calls solar the scam of the century, but this Chinese-Canadian tycoon believes it can make America great again Renewables Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Should couple in their 50s who want to retire tap into RRSPs or apply for CPP?

Family Finance Here's why bets are rising for interest rate hikes including for Canada Economy Saudi Aramco chief warns of ‘catastrophic consequences’ in biggest crisis region's oil market has faced Oil & Gas Qatar to push LNG expansion plans to 2027 after Iran drone attack Oil & Gas Trump calls solar the scam of the century, but this Chinese-Canadian tycoon believes it can make America great again Renewables