US stock futures moved cautiously higher on Wednesday as investors awaited September’s Consumer Price Index report and another round of major bank earnings. Dow futures climbed roughly 145 to 236 points, or about 0.3% to 0.5%, while S&P 500 futures rose about 0.2% and Nasdaq 100 futures were little changed. The narrow range reflected caution ahead of the 8:30 a.m. ET CPI release, with economists expecting headline inflation to have accelerated to 3.6% year over year and core CPI to rise 0.2% month over month.
A hotter-than-expected inflation reading could put an October Federal Reserve rate hike back on the table at the Fed’s October 27–28 meeting. The 10-year Treasury yield traded near 5.2%, near multiyear highs, keeping growth-sensitive assets under pressure. Brent crude held above $105 per barrel as Houthi attacks on Saudi energy facilities and shipping around the Strait of Hormuz revived Gulf supply concerns.
Bank earnings were mixed. JPMorgan posted a rare quarterly miss: adjusted EPS came in at $5.75 versus the $5.90 estimate, with fixed income revenue of $5.4 billion also missing expectations. Bank of America faced pressure after a roughly $1.2 billion regulatory fine over weaknesses in financial-crime monitoring. BlackRock offered a stronger read, with adjusted net income up 37% to $2.62 billion and assets under management reaching $15.49 trillion. Morgan Stanley and State Street were scheduled to report later.
In technology, ASML delivered a strong rebuttal to this week’s semiconductor sell-off. The company reported €4.96 billion in third-quarter net profit on €11.66 billion in sales and raised its full-year revenue forecast to €44 billion–€45 billion, adding that advanced lithography demand could exceed capacity through 2028, with customer discussions stretching into 2029 and 2030. Taiwan Semiconductor was due to report on Thursday. For digital assets, the macro setup remains key: softer CPI would support risk appetite, while an inflation beat and higher yields could pressure Bitcoin and Ethereum alongside other risk assets.
