U.S. stock futures traded slightly higher on Tuesday night (Wednesday AEDT) as investors braced for pivotal inflation data.
By 10:15 am AEDT (11:15 pm GMT) Dow Jones Industrial Average, S&P 500 and Nasdaq 100 futures added 0.1% apiece.
In after-hours deals, GameStop rose 14% despite mixed third-quarter results, which showed a decline in net sales to US$860 million from $1.08 billion in the prior year.
General Motors gained 2.9% after announcing it would cease funding Cruise's robotaxi development, citing the significant resources needed to scale the business.
Stitch Fix soared 22.4% following strong quarterly results and guidance amid improved transportation efficiency and product margins.
In contrast, Dave & Buster's Entertainment dropped 10.7% after third-quarter results fell short of expectations. Adding to the negative sentiment, CEO Chris Morris announced his resignation.
Tuesday’s after-hours action followed a losing day on Wall Street. The S&P 500 and Nasdaq Composite posted their second straight negative session, while the Dow recorded its fourth consecutive decline.
Among data releases, the November consumer price index (CPI) report, due Wednesday morning, is highly anticipated.
Economists are expecting a 0.3% monthly rise and a 2.7% increase year-over-year.
Later in the week, the producer price index (PPI) will provide further insights into inflation trends. These reports are among the last key economic indicators before the Federal Reserve's policy meeting next week.
Current market expectations suggest an 85.8% likelihood of an interest rate cut, according to CME’s FedWatch Tool.
Investors are also watching for the federal budget update on Wednesday, alongside Adobe’s earnings report, which is due after the market closes.