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Trading volumes were muted ahead of inflation data expected
later in the day.
The blue-chip Dow and the benchmark S&P 500 logged record
closing highs on Tuesday, as economically sensitive stocks
gained with the U.S. Senate's passage of a $1 trillion
bipartisan infrastructure package.
An additional $3.5 trillion investment plan to fight climate
change and poverty is now on the cards, but faces stiff
resistance from Republicans.
Equipment manufacturers Caterpillar Inc, Deere & Co,
construction materials suppliers Vulcan Materials, and Nucor
Corp rose between 0.4% and 1.9% in premarket trading, adding to
sharp gains in the previous session on hopes of reaping gains
from infrastructure projects.
Data due at 0830 a.m. ET (1230 GMT) will likely show U.S.
consumer prices rose 5.3% year-on-year in July, according to a
Reuters poll, and at a time when two U.S. central bank officials
said inflation was already at levels that satisfy one leg of a
key test for tightening policy.
Inflation has dictated market sentiment in the past few months,
with market participants fearing higher price pressures could
force the Fed to pare back its ultra-loose accommodative stance
sooner than expected.
At 6:53 a.m. ET, Dow e-minis were up 23 points, or 0.07%, S&P
500 e-minis were down 2.75 points, or 0.06%, and Nasdaq 100
e-minis were down 27.75 points, or 0.18%.
Energy firms Exxon Mobil Corp, Schlumberger NV, Marathon Oil
Corp, Occidental Petroleum Corp and Halliburton Co fell between
0.6% and 1.5%, tracking crude prices. [O/R]
Heavyweight technology-related stocks Alphabet Inc, Netflix Inc,
Amazon.com, Microsoft Corp, Apple Inc, Tesla Inc and Facebook
Inc, edged lower, weighed down by a rise in Treasury yields.
[US/]
(Reporting by Devik Jain and Ambar Warrick in Bengaluru; Editing
by Shounak Dasgupta)
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