By Noreen Burke
Investing.com -- U.S. stock futures edged higher on Wednesday as investors awaited the release of U.S. inflation data ahead of the open that will be a key factor in shaping market expectations around the size of upcoming rate hikes by the Federal Reserve.
The slight gains came after all three main indices on Wall Street closed lower on Tuesday after a dire forecast from Micron Technology (NASDAQ: MU ) weighed on chip makers and tech stocks.
Investors were looking ahead to the July inflation numbers after last week’s blowout employment report eroded some optimism that the Fed might pivot to a slower pace of rate hikes after delivering 225 basis points worth of rate hikes so far this year as it attempts to curb soaring price increases.
Traders are weighing the chances of inflation has peaked could be enough for policymakers to ease back on aggressive monetary tightening.hiking rates by 75 bps at its next meeting in September, in what would be its third major increase in a row. Any indications that
Corporate earnings will also be in focus, with Walt Disney (NYSE: DIS ) due to publish its third-quarter results after the market close. Investors will be focusing on the Disney+ streaming service following the loss of streaming rights to Indian Premier League cricket and after rival Netflix (NASDAQ: NFLX ) impressed with its subscriber figures a couple of weeks ago.
Demand for Disney’s theme parks is expected to have bounced back strongly, and the segment may outperform expectations despite a $350 million hit from overseas closings.
Coinbase (NASDAQ: COIN ) was lower in premarket trade after the crypto exchange reported a massive $1.1 billion net loss in the second quarter, citing a "fast and furious" downturn of the crypto markets.
Video game publisher Roblox (NYSE: RBLX ) was also sharply lower premarket after reporting a larger-than-forecast second-quarter loss, while Wynn Resorts (NASDAQ: WYNN ) disappointed as the gaming company’s Macau Resort struggled with COVID issues.
An SEC filing on Wednesday revealed that Tesla (NASDAQ: TSLA ) CEO Elo Musk sold an additional $6.9 billion worth of shares in the electric vehicle maker over the past week.
In a series of tweets, Musk said the funds could be used to finance a potential Twitter (NYSE: TWTR ) deal if he loses a legal battle with the social media platform.
Oil prices slid after industry data late Tuesday pointing to an unexpected increase in U.S. inventories last week rekindled concerns over the demand outlook.
Weekly U.S. oil inventory data from the Energy Information Administration are due later Wednesday.
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