U.S. stock futures edged higher ahead of CPI data release; traders assess prospects of Iran war

Investing.com - U.S. stock index futures edged higher Tuesday evening, after the major Wall Street indices closed nearly flat during regular trading hours as investors remained cautious ahead of key inflation data and continued to assess the latest developments surrounding the U.S.-Israel and Iran conflicts.

As of 20:42 Eastern Time (00:42 Beijing Time), S&P 500 futures rose 0.3% to 6,808.25, Nasdaq 100 futures increased 0.3% to 25,058.75. Dow futures gained 0.2% to 47,855.0.

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Markets await CPI data for clues on Federal Reserve interest rate direction

Major Wall Street indices closed nearly flat on Tuesday as investors avoided large bets ahead of the Consumer Price Index (CPI) report due Wednesday.

The data is expected to provide new insights into U.S. inflation trends and the Federal Reserve’s interest rate outlook.

Recently, markets have become especially sensitive to inflation risks, with a sharp rise in oil prices earlier sparking concerns that energy costs could again push prices higher.

On Monday, oil prices surged to nearly $120 per barrel amid escalating conflicts between the U.S., Israel, and Iran, threatening potential disruptions to global oil supplies.

However, oil prices declined on Tuesday after former U.S. President Donald Trump indicated that the war with Iran could end soon, easing some worries about prolonged supply disruptions in the Middle East.

The recent spike in oil prices has heightened global inflation concerns, especially as energy costs play a significant role in consumer price trends.

Oracle shares soar in after-hours trading following strong earnings

Investors are also watching the upcoming release of the February Personal Consumption Expenditures (PCE) Price Index on Thursday, the Federal Reserve’s preferred inflation measure.

Earnings reports remain a focus as well, with enterprise software maker Oracle (NYSE: ORCL) posting better-than-expected quarterly results after Tuesday’s close.

The company reported third-quarter revenue of approximately $17.19 billion, surpassing analyst estimates of around $16.9 billion, with earnings per share also exceeding expectations.

Oracle’s stock surged 10% in after-hours trading.

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