Dow Jones Futures Plunge on Rising Oil Prices and Yields
Dow Jones futures were hit by rising oil prices and yields on Wednesday, ahead of key inflation data due out later in the day. The Dow, S&P 500, and Nasdaq are set to open lower after a mixed session on Tuesday. Apple's quarterly earnings release also weighed on its stock, as the tech giant reported weaker-than-expected iPhone sales.
The Dow Jones futures fell by over 100 points, while the S&P 500 and Nasdaq were down around 0.5% each. Oil prices have risen to a seven-year high due to supply concerns, which is contributing to higher inflation expectations. The Consumer Price Index (CPI) data due out later today will be closely watched for any signs of inflationary pressures.
Apple's quarterly earnings report showed weaker-than-expected iPhone sales, with the company's stock falling by over 4% in pre-market trading. The tech giant reported a decline in revenue and profit margins, which weighed on its stock price.