US pre-open: Futures lower ahead of CPI reading
By Iain Gilbert
Date: Wednesday 11 Jun 2025
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Wednesday, ahead of a closely watched inflation report.
As of 1215 BST, Dow Jones futures were down 0.16%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.17% and 0.14% points lower, respectively.
The Dow closed 105.11 points higher on Tuesday after US and Chinese officials were said to have reached a "framework" trade agreement.
US commerce secretary Howard Lutnick said that he and trade representative Jamieson Greer would now return to Washington in order to "make sure President Trump approves" the framework. Treasury secretary Scott Bessent left the discussions earlier to return to the Hill and testify before Congress.
Outside of trade headlines, Wednesday's primary focus will be the Bureau of Labor Statistics' May consumer price index at 1330 BST, with economists calling for a 0.2% month-on-month increase, while headline CPI was expected to have grown 2.4% on an annualised basis.
Elsewhere on the macro front, US mortgage applications surged 12.5% in the week ended 6 June, according to the Mortgage Bankers Association, following the prior week's 3.9% decline. Applications to purchase a home advanced 10.3%, while those to refinance a mortgage shot up 15.6%.
"Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month," said MBA deputy chief economist Joel Kan. "Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets."
Still to come, the Federal Government's May budget statement will be published at 1900 BST.
In the corporate space, Oracle will report earnings on Wednesday evening.
Reporting by Iain Gilbert at Sharecast.com
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