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Wall Street Set for Rebound Ahead of Fed Minutes

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US stocks were set for recovery Wednesday as investors digested a reading on US inflation, and looked ahead to the minutes from the Federal Reserve’s latest policy meeting.

Oil prices nudged higher with global benchmark Brent crude up 0.24%, and US West Texas Intermediate crude futures prices up 0.6% recently amid ongoing supply cuts by major producers and US sanctions on oil exporters Iran and Venezuela, while traders also looked ahead to an official reading on US crude stockpiles.

Data released at 8:30 am showed a 0.4% rise in the Consumer Price Index for March, which was the biggest advance since January 2018 and as compared with a 0.3% gain expected and previous month’s 0.2% rise, according to data compiled by Econoday.

In equities, shares of Delta Air Lines (DAL) were 3.2% higher pre-bell after the carrier reported Q1 results that topped analysts’ estimates.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.11%

-S&P 500 futures up 0.16%

-Nasdaq 100 futures up 0.14%

-Nasdaq 100 pre-market indicator up 0.09%

GLOBAL SENTIMENT

Nikkei down 0.53%

Hang Seng down 0.13%

Shanghai Composite up 0.07%

FTSE-100 down 0.04%

DAX-30 up 0.57%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+) Oil stocks: unchanged to higher

(+) Biotech stocks: unchanged to higher

(+/-) Drug stocks: mixed

(+) Financial stocks: unchanged to higher

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+) Airlines: higher

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) TEVA (+1.4%) Signs $2.3 billion revolving credit facility

(+) WYNN (+0.5%) Says CEO Maddox in good standing with Nevada gaming regulator

(+) IZEA (+12.8%) Q1 bookings jumps 18% YoY

DOWNSIDE MOVERS

(-) PHAS (-5.5%) Begins public offering of common stock

(-) PTE (-10%) Plans to sell shares via Cantor Fitzgerald

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