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Shares of Goldman Sachs were up 0.5 percent at $237 in
premarket trading after the bank reported a nearly four-fold
rise in quarterly profit. Citigroup edged up after posting a 7
percent rise in profit.
Investors are also awaiting President-elect Donald Trump's
inaugural speech on Friday to gain insight into his plans for
the U.S. economy.
"There is a lot of uncertainty hovering over the market,
regarding what policies will be implemented," said Quincy Krosby,
market strategist at Prudential Financial.
"But the market appears to be giving the President-elect the
benefit of doubt."
The Trump rally, which drove Wall Street to record highs, has
been showing signs of fatigue since the start of the year as
investors get increasingly nervous about his unconventional
approach to trade and politics.
U.S. stocks closed lower on Tuesday, with some of the biggest
beneficiaries of the post-election rally including banks and
transport companies shedding some of their gains.
Dow e-minis <1YMc1> were up 33 points, or 0.17 percent at 8:35
a.m. ET (1335 GMT), with 23,992 contracts changing hands.
S&P 500 e-minis <ESc1> were up 4 points, or 0.18 percent, with
117,642 contracts traded.
Nasdaq 100 e-minis <NQc1> were up 9.25 points, or 0.18 percent,
on volume of 18,430 contracts.
A report from the U.S. Labor Department showed the Consumer
Price Index edged up 0.3 percent in December, leading to the
largest year-on-year increase in 2-1/2 years, a sign that
inflation pressures could be building.
Investors are also eyeing Janet Yellen's speech at 3:00 p.m. ET
to see if she will echo a growing opinion among policymakers
that fiscal stimulus under the Trump administration may call for
more aggressive interest rate hikes.
A reading on December industrial output and a report on the
housing market are also scheduled for the day.
Target dropped 3.4 percent to $68.55 after the big-box retailer
reported a decline in sales during the holiday season and cut
its fourth-quarter earnings forecast. Shares of bigger rival
Wal-Mart were off 1.2 percent.
CoLucid Pharmaceuticals surged 32.7 percent to $46.30 after Eli
Lilly <LLY.N> said it would buy the drugmaker for about $960
million. Lilly's stock was up 0.3 percent.
Gigamon dropped 22.6 percent to $34.10 after the network traffic
management software maker estimated its fourth-quarter revenue
to fall below its previous forecast.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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