US Futures Hold Steady as Traders Brace for Inflation Reading

US stock futures were mostly steady Wednesday as investors awaited the latest inflation data. Dow futures rose 0.4%, while S&P 500 and Nasdaq-100 futures each gained 0.2%.

Treasury yields had climbed to fresh multidecade highs, while volatile oil prices added to inflation concerns. Crude futures stabilized in the mid-$90-per-barrel range as the war in Iran entered its seventh month.

Traders sharply reduced bets on an October Federal Reserve rate hike, bringing the odds to roughly a coin flip from more than 70% a day earlier. The shift followed New York Fed President John Williams’ comment that there was “no need for urgency” to raise rates.

The next focus is Wednesday’s release of the Personal Consumption Expenditures price index, the Fed’s preferred inflation gauge. Economists expect the core measure, which excludes food and energy, to remain at 3.3% year over year.

Micron is scheduled to report earnings after the market closes, offering investors a view of the memory and AI market. Conagra Brands is due to report before the bell.