Futures Flat Ahead of Inflation Report

Stock futures were little changed Wednesday as Wall Street braced for April’s consumer price index.

Futures for the Dow Jones Industrials squeezed higher by two points to 39,679.

Futures for the S&P 500 captured but 1.5 points at 5,271.

Futures for the NASDAQ Composite sank five points to 18,410.

Boot Barn dropped more than 6% on disappointing guidance for the full year, while Nextracker gained 11% on better-than-expected revenues.

AMC shares were down more than 1% in the premarket after the movie theater chain announced it will issue more than 23 million shares “in exchange for $163,850,000 aggregate principal amount of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026.”

The CPI report was slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expected the consumer price index to show a 0.4% monthly gain, and a 0.3% increase excluding food and energy. Economists forecast a 3.4% year-over-year increase for headline CPI, following a 3.5% rise in March.

The data comes after another report pointed to stickier inflation. The producer price index for April rose 0.5%, more than expected, raising concern that Federal Reserve rate cuts may be delayed.

In Japan, the Nikkei 225 nicked up 0.1%, while in Hong Kong, markets were closed for holiday.

Oil prices dropped 53 cents to $77.43 U.S. a barrel.

Gold prices grabbed $10.20 to $2,370.10 U.S. an ounce.