Stock futures traded near the flatline on Wednesday evening as traders looked ahead to the first of two inflation reports due this week.
Futures tied to the Dow Jones Industrial Average advanced 55 points, or 0.1%. S&P 500 futures added 0.04%, and Nasdaq-100 futures were marginally lower.
The action comes after the major averages tumbled for a third day. The Dow lost just over 400 points, or 0.8%, while the S&P 500 fell 0.5%. The Nasdaq Composite declined 0.6%.
Higher Treasury yields kept the stock market under pressure after the Treasury Department said it would buy back up to $6 billion in longer-term debt – triple the usual amount. Less than a month ago, the Treasury said it would more than double the size of its government debt repurchases.
Following the move, the yield on the 10-year Treasury note climbed to a session high of 4.857%, its highest level since November 2023.
Rising oil prices amid escalating tensions between the U.S. and Iran also weighed down stocks. International Brent crude futures advanced 3.4% to close at $101.21 a barrel, while U.S. West Texas Intermediate crude futures advanced 3.3% to end at $96.05. Both saw the highest settlement prices since May.
The recent surge in oil prices comes as traders set their sights on two inflation reports due this week.
August's producer price index, a measure of wholesale inflation, comes out Thursday morning. Economists polled by Dow Jones expect a monthly gain of 0.3%, and a 5.3% advance year over year.
The closely watched consumer price index follows on Friday, with the Dow Jones consensus calling for a 0.4% jump in August and a 12-month increase of 3.4%.
Other economic reports of note include weekly initial jobless claims and August existing home sales. Both are due on Thursday morning.
50 Min AgoThe rate on a 30-year fixed mortgage hits 6.97%
The cost of financing a home purchase has hit its highest level in more than a year — and it's creeping closer to 7%.
The rate on a 30-year fixed mortgage reached 6.97% on Wednesday, according to Mortgage News Daily. That's the highest level since May 30, 2025.
30-year fixed mortgage rate in 2026The last time the 30-year fixed mortgage was at 7% or higher was on May 26, 2025, when it was 7.02%.
This jump in the 30-year mortgage coincided with a surge in the 10-year Treasury yield, which leapt to 4.857% for its highest level since November 2023. Rates on 30-year mortgages are linked to the 10-year Treasury note yield.
—Gina Francolla, Darla Mercado
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AeroVironment – Shares of the drone manufacturer jumped 2% after first-quarter results trounced estimates. AeroVironment earned 59 cents per share on an adjusted basis and posted revenue of $480 million. Analysts polled by LSEG sought 25 cents a share on $456 million.
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—Darla Mercado
1 Hour AgoStock futures open near flat on Wednesday night
Stock futures opened little changed on Wednesday night.
Futures tied to the Dow Jones Industrial Average advanced 58 points, or 0.1%. S&P 500 futures and Nasdaq-100 futures added less than 0.1%.
—Darla Mercado
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