Wall Street Set for Small Gains, Industrial Output in Focus

Last Updated: Wednesday, September 15, 2021 9:25 AM | MT Newswires

US stocks were set for cautious gains Wednesday, stabilizing after major indices slumped in the previous session in the wake of the US consumer inflation report, while traders looked ahead to data on industrial output.

Dow Jones Industrial Average futures gained 11 points or 0.02%, S&P futures inched up 5.5 points or 0.1%, and Nasdaq futures increased 31.8 points or 0.2%.

US consumer prices rose 0.3% in August, the slowest pace in six months, according to official data.

Oil prices jumped, with front-month global benchmarks Brent crude up 1.6% and US West Texas Intermediate up 1.7%, after industry data showed a weekly draw in US crude stockpiles.

At 8:30 am, data showed the Empire State manufacturing index came in at 34.3 in September versus 18.3 level in August and estimates for a 17.9 reading. Import prices fell 0.3% in August versus estimates for a 0.2% uptick, while export prices rose 0.4% for the month, in-line with expectations, according to Bloomberg data.

At 9:15 am, forecasters see a 0.5% uptick in US industrial production for August following a 0.9% in the previous month.

In other world markets, Japan's Nikkei closed 0.5% lower, Hong Kong's Hang Seng closed 1.8% lower, and China's Shanghai Composite closed 0.2% lower. Meanwhile, UK's FTSE 100 edged up 0.05% and Germany's DAX index slipped 0.1% in Europe's early afternoon session.

On the winning side, Gol Linhas (GOL) shares gained 7% after the Brazilian carrier secured a $200 million investment from American Airlines. Indaptus (INDP) shares soared 70% after the company received a notice of allowance in the US for a patent covering the company's platform technology for the treatment of HBV and HIV infections.

On the losing side, Yum China (YUMC) shares declined 6% after the company warned of a lower operating profit in Q3 amid a surge in COVID-19 cases. Kaival Brands (KAVL) shares slumped 40% after the company reported a sharp drop in fiscal Q3 revenue.

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