U.S. stock futures advanced Wednesday morning ahead of several economic reports and following an upbeat report by tech giant Intel (NASDAQ: INTC) that not only topped estimates, but also gave a positive second-half outlook. The heavily technology weighted Nasdaq was expected to have a strong start.While earnings season continues, no major heavyweights are reporting earnings this morning, and investors will focus more on the upcoming economic data, including an inflation gauge and manufacturing indicators.
First, at 8:30 a.m. Eastern, the June consumer price index (CPI) is set to be releases and is expected to have risen 0.6% in June after gaining 0.1% in May, according to Briefing.com. Core CPI, which excludes the often volatile food and energy prices, is expected to have edged up 0.1% after edging up 0.1% in May.
At the same time, July empire manufacturing index is due out and is expected to record a smaller 3% decline. Later, at 9:15 a.m., June industrial production and capacity utilization will be released. Finally, at 2:05 p.m. the minutes from the Federal Reserve policy meeting on June 24 are due.
Overseas, world stock markets rose Wednesday, reacting to the latest earnings reports from the U.S., mainly Goldman Sachs and Intel, as many hoped these are signs the U.S. economy will be on the mend soon.
Oil prices rose above $60 a barrel Wednesday ahead of the weekly inventory report coming out at 10:30 a.m. The report could provide clues on U.S. gasoline demand.
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