US stock futures edged higher on Wednesday as investors waited for September inflation data and another batch of financial-sector earnings, while AI-linked shares attempted to stabilise after this week’s sell-off.
Dow futures rose about 145 points or 0.28% and S&P 500 futures gained 0.21%, while Nasdaq 100 futures were little changed.
The cautious tone reflects an awkward mix: ASML has offered fresh evidence that AI infrastructure demand remains strong, but Brent is still above $105 and the 10-year Treasury yield sits near 5.2%.
5 things to know before Wall Street opens
1. CPI could decide whether the bond-market relief lasts
September consumer prices are expected to have risen 0.6% from August and 3.6% from a year earlier, with core CPI seen increasing 0.2% month on month.
The 10-year Treasury yield was near 5.2% ahead of the release, around a two-week low but still high enough to make growth shares sensitive to an upside surprise.
BMO Capital Markets strategist Ian Lyngen told MarketWatch that a material inflation beat could revive concerns that the Federal Reserve has more tightening to do.
2. Oil above $105 keeps the inflation risk alive
Brent crude held above $105 as attacks on commercial shipping around the Strait of Hormuz revived Gulf supply concerns.
Two vessels were struck this week, while the Financial Times reported the region is experiencing its most intense wave of shipping attacks since the conflict began.
Higher crude supports energy shares but threatens margins and inflation expectations. That makes oil an important part of the CPI reaction rather than a separate market story.
3. ASML gives AI bulls their strongest rebuttal this week
ASML reported €4.96 billion of third-quarter net profit on €11.66 billion of sales and raised its full-year revenue forecast to €44 billion-€45 billion.
More important for chip sentiment, the company said demand for advanced lithography equipment could exceed capacity through 2028, with customers discussing orders stretching into 2029 and 2030.
The Financial Times said the update points to sustained AI infrastructure spending despite this week’s repricing of semiconductor stocks.
4. Financials face another earnings and regulation test
Bank of America and Morgan Stanley are due before the bell, following a mixed first batch of large-bank results on Tuesday.
Bank of America shares were under pressure after regulators imposed a roughly $1.2 billion fine over weaknesses in financial-crime monitoring.
BlackRock provided a stronger read. The adjusted net income rose 37% to $2.62 billion, while assets under management reached $15.49 trillion, sending the shares about 3% higher premarket.
5. Investors are separating AI winners, laggards and special situations
Micron and Intel were lower before the bell, while Nvidia was roughly flat to slightly higher as investors reassessed the threat from China’s CXMT to memory-industry pricing.
Liquidia was the standout mover, jumping more than 40% after settling six lawsuits with United Therapeutics and securing continued sales of Yutrepia.
The setup remains narrow rather than decisively bullish. ASML argues that AI demand is intact, but CPI and 5% Treasury yields still determine what investors are willing to pay for that growth.
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