Wall Street Eyes PPI Data After Hot CPI Reading

CNBC reported early Wednesday that US stock futures moved broadly higher as traders positioned ahead of April’s producer price index release, the latest data point in a closely watched inflation picture.

S&P 500 futures gained 0.1% in pre-market activity, while Nasdaq 100 futures added roughly 0.27%. Dow Jones futures were flat at the time of writing.

Tuesday’s Session Left Mixed Signals

Both the S&P 500 and Nasdaq Composite retreated from recent record highs during Tuesday’s regular session. The broad index dipped 0.16%, while the Nasdaq shed 0.71%. The Dow managed a modest gain of around 56 points, or 0.11%.

Technology stocks led the pullback, dragging the information technology sector down nearly 1%. Health care outperformed on the day, climbing 1.93%, followed by consumer staples and financials.

Pressure on equities also came from rising oil prices. President Donald Trump described the month-old US-Iran ceasefire as “unbelievably weak” after rejecting what he called an unacceptable counterproposal from Tehran.

Inflation Remains the Central Concern

The session followed a hotter-than-expected April consumer price index print. Consumer prices rose at their fastest annual pace in roughly three years, keeping the Federal Reserve’s path under scrutiny.

Wednesday’s producer price index report, due at 8:30 a.m. Eastern, is the next key test. Economists surveyed by Dow Jones forecast a headline monthly rise of 0.5%, matching March’s pace. The core reading, stripping out food and energy, is expected at 0.4%.

AI Spending Broadens Beyond Big Tech

Even with Tuesday’s tech wobble, artificial intelligence investment remained the dominant market narrative in 2026 so far. Olaolu Aganga, head of portfolio construction at Citi Wealth, told CNBC that AI capital expenditure is now spilling into adjacent sectors.

She pointed to energy infrastructure and grid-related companies as durable opportunities for investors who feel they have missed the initial technology wave. Aganga suggested those themes carry long-term earnings support regardless of near-term sector rotations.

Asia Markets and Earnings on the Radar

Asia-Pacific markets were mixed overnight. South Korea’s Kospi gained 1.21%, Japan’s Nikkei 225 added 0.22%, while Australia’s ASX slipped 0.26%. China’s CSI 300 edged lower by 0.34%.

Investors were also monitoring developments around a potential meeting between Trump and Chinese President Xi Jinping, where trade policy is expected to feature prominently.

On the earnings front, Allianz, Birkenstock, and Alibaba were among companies scheduled to report before Wednesday’s opening bell.

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