Wall Street Futures Edge Lower Premarket Ahead of National Retail Sales Report

Wall Street futures pointed slightly lower pre-bell Wednesday. Recent indicators showed that inflation may be cooling, including Tuesday’s producer price index release. Markets were relieved after US President Joe Biden said missile blasts near NATO-member Poland’s border were likely not Russian in origin.

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Traders await the national retail sales report, slated for an 8:30 am ET release. Also, retail giants Lowe’s (LOW), TJX (TJX) and Target (TGT) plan to report earnings pre-bell, among others.

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In the futures, the S&P 500 fell less than 0.1%, the Nasdaq declined 0.1% and the Dow Jones was up less than 0.1%.

Asia traded modestly lower overnight on Ukraine tensions and on rising COVID-19 tallies in mainland China. Europe was tracking moderately lower midday on the continent.

On the economic calendar, in addition to the retail sales report, is the weekly MBA mortgage applications bulletin at 7 am ET,

and then the import and export prices report at 8:30 am ET.

The October industrial production bulletin posts at 9:15 am ET, and September business inventories data at 10 am ET.

The National Association of Home Builders housing market index for November also posts at 10 am ET, along with the Atlanta Fed’s business inflation expectations survey for November.

The Energy Information Administration’s domestic oil inventories report posts at 10:30 am ET.

New York Federal Reserve President John Williams speaks at 9:50 am ET, and Fed Vice Chair Michael Barr speaks at 10 am ET. Fed Governor Christopher Waller speaks at 2:35 pm ET.

In pre-market action, Bitcoin traded at $16,708, West Texas Intermediate crude oil traded slightly firmer at $86.93, and 10-year US Treasuries offered 3.79% Gold traded for $1,783 an ounce.

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