Stock futures resume run after winning streak snapped

Nasdaq to surpass 17K: Gary Kaltbaum

Kaltbaum Capital Management president Gary Kaltbaum, Belpointe chief strategist David Nelson and Michael Lee discuss the state of the market.

U.S. equity futures are trading higher ahead of Wednesday's opening bell.

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The major futures indexes suggest a gain of 0.3%.

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Futures are moving higher the day after the S&P 500 and Dow Industrials snapped winning streaks.

Wednesday’s earnings parade will lead off with car maker General Motors and Dow component Coca-Cola. Another consumer favorite, athletic apparel maker Under Armour, is also out ahead of the opening bell.  The ridesharing company Uber reports after the markets close.

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Traders will examine an inflation report in the form of consumer prices. The Bureau of Labor Statistics is expected to say that consumer prices rose 0.3% in January, slightly trailing a 0.4% increase in December. On a year-over-year basis watch for prices to jump 1.5%.

In Europe, London's FTS added 0.1%, Germany's DAX was off 0.1% and France's CAC gained 0.1%.

In Asia, Japan's Nikkei added 0.2%, the Hang Seng in Hong Kong added 1.9% and China's Shanghai Composite Index rose 1.4%.

On Tuesday, Wall Street's benchmark S&P 500 index ended down 0.1% as investors watched Washington, where President Biden’s Democrats planned to move ahead without Republican help on a stimulus plan.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES31375.83-9.93-0.03%
SP500S&P 5003911.23-4.36-0.11%
I:COMPNASDAQ COMPOSITE INDEX14007.697346+20.06+0.14%
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The Dow Jones Industrial Average dropped less than 0.1%, to 31,375.83. The Nasdaq rose 0.1% to 14,007.70.

All three hit record highs on Monday.

Companies that deal with consumer services and products were the biggest drag on the broader market, outweighing gains in communications, industrial and health care stocks.

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U.S. stocks have risen on optimism the worst economic impact of the pandemic might be past.

In Washington, Democrats have rallied around Biden’s $1.9 trillion stimulus plan for the struggling economy. It includes one-time payments to Americans plus a likely increase in the federal minimum wage to $15 an hour.

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In energy markets, benchmark U.S. crude oil lost 13 cents to $58.23 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 39 cents on Tuesday to $58.36. Brent crude, used to price international oils, slipped 8 cents to $61.01 per barrel in London. It added 53 cents the previous session to $61.09 a barrel.

The Associated Press contributed to this article.

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