Futures Hold Steady as Investors Await PCE Inflation Data

U.S. stock futures were little changed to modestly higher early Wednesday as Treasury yields eased and investors awaited the August personal consumption expenditures inflation report, a closely watched measure that could influence expectations for Federal Reserve policy. The inflation data had not yet been released in the premarket reports. At 5:27 a.m. ET, Dow futures were up 95 points, or 0.18%, and S&P 500 futures had gained about 0.1%. Nasdaq 100 futures were nearly flat, down slightly in one snapshot. The figures were time-specific, and other reports characterized futures trading more generally as subdued. The 10-year Treasury yield fell 2.9 basis points Wednesday after reaching its highest level since June 2007 in the previous session. Yields had climbed amid concerns about persistent inflation and the prospect that interest rates could remain elevated. Higher borrowing costs can weigh on companies and reduce the relative appeal of stocks, particularly growth shares. Market pricing showed investors had become less certain that the Federal Reserve would raise rates at its October meeting.