Stock Market Today: Futures Tick Higher Ahead of Consumer Inflation Data; Oil Hovers Near $85/Barrel as IEA Set to Decide on Releasing Reserves

Stock futures were little changed before an important reading on consumer inflation Wednesday, while oil prices hovered near $85 a barrel before an International Energy Agency decision on whether to release strategic reserves to stabilize prices.

Dow Jones Industrial Average, S&P 500, and Nasdaq 100 futures were up 0.2% apiece in recent trading.

Yesterday, the benchmark S&P 500 and blue-chip Dow Jones Industrial Average finished slightly lower and the tech-heavy Nasdaq ended fractionally higher as investors digested developments in the Iran war.

In addition to the Middle East and volatile oil prices, investors on Wednesday will be paying close attention to the Consumer Price Index reading for February. Economists expect the report from the Bureau of Labor Statistics to show the cost of living as measured by the CPI rose 2.4% over 12 months in February, the same annual rate as in January, and that core prices—which exclude the volatile prices for food and energy—likely rose 2.5%, also the same as in January.

Before the reading, the yield on the 10-year Treasury note, which affects interest rates on all sorts of consumer loans, edged higher to 4.17% from Tuesday’s close above 4.16%.

West Texas Intermediate crude futures, the U.S. oil-price benchmark, rose 2% to around $85 a barrel as U.S. officials said Iran had placed mines in the important Strait of Hormuz and President Donald Trump threatened to retaliate “at a level never seen before” unless they were removed.

Meanwhile, The Wall Street Journal, citing sources familiar with the matter, reported that the International Energy Agency has proposed the release of 400 million barrels—by far the largest release of oil reserves in its history—to bring down prices. IEA countries were expected to decide on the proposal today, the Journal said.

Gold futures slipped 0.8% to $5,200 an ounce, while silver futures pulled back 2.3% to $87.50 an ounce.

The U.S. Dollar Index, which tracks the value of the greenback against a basket of currencies, rose 0.2% to 99.03. Bitcoin was trading around $69,500, down slightly from overnight highs around $70,400.

Oracle (ORCL) shares soared 11% in premarket trading after the tech firm posted better-than-expected results and raised its long-term outlook on strong AI demand.

Shares of the Magnificent Seven tech giants pointed mostly lower before the bell. Yesterday, all but Microsoft (MSFT) finished higher.