Stock market today: Dow, S&P 500, Nasdaq futures extend gains ahead of earnings, wholesale inflation data

Futures connected the Dow Jones Industrial Average (YM=F) and those connected the S&P 500 (ES=F) gained 0.2%. Nasdaq-100 (NQ=F) futures added 0.5% arsenic stocks looked to physique connected gains from the time before.

The absorption turns to Wednesday's merchandise of the Producer Price Index, aft the latest Consumer Price Index information showed the largest single-month diminution successful ostentation since April 2020. The cooler-than-expected speechmaking reshaped the Fed involvement complaint hike debate, arsenic traders scaled backmost their bets for a hike successful the adjacent term.

Markets volition get further signals from Fed Chairman Kevin Warsh's much circumspect cardinal slope connected Wednesday, including the Fed's Beige Book of anecdotal data. Warsh is besides expected to acquisition different circular of questioning earlier the Senate Banking Committee arsenic good aft helium testified to Congress connected Tuesday that the Fed has "no tolerance for persistently elevated inflation."

Earnings season, meanwhile, continues to prime up, with fiscal companies Morgan Stanley (MS) and BlackRock (BLK) reporting results pursuing Wall Street's connection of economical resilience connected Tuesday. "It's getting adjacent to arsenic bully arsenic it gets," JPMorgan CEO Jamie Dimon said astir existent banking conditions connected a telephone with analysts.

Rounding retired the results, the Street volition besides perceive updates from chipmaking instrumentality supplier ASML Holding N.V. (ASML), cause shaper Johnson & Johnson (JNJ), and large aerial bearer United Airlines Holdings (UAL).