© Reuters
By Scott Kanowsky
Investing.com — U.S. stock futures pointed broadly lower on Wednesday, as investors looked ahead to fresh retail sales data and a new slate of corporate results.
At 07:16 ET (12:16 GMT), the contract dipped by 78 points to 0.23%, traded 13 points or 0.32% lower, and tech-heavy moved down by 46 points or 0.37%.
The major indexes were mixed on Tuesday in a day of volatile trading following the release of figures showing that remained resilient in January despite a series of hikes by the Federal Reserve, suggesting more increases are likely in the short-term.
The blue-chip closed down 156 points or 0.46% and the broad-based slipped by 1 point to 0.03%. The bucked the wider trend, rising 68 points or 0.57%.
Traders will be watching for more economic data out of the U.S., as well as earnings from major companies, throughout the day. – a gauge of the health of the American consumer – are scheduled to come out at 08:30 ET, with the reading expected to move up by 1.8% in January compared to December after it fell by 1.1% in the prior month.
In corporate news, Biogen Inc (NASDAQ:), Kraft Heinz Co (NASDAQ:), Cisco Systems Inc (NASDAQ:), and Shopify Inc (NYSE:) are among the stand-out names in the earnings calendar.
Airbnb Inc (NASDAQ:) stock also soared premarket after the house rental company beat estimates and provided healthy guidance as strong demand for travel underpinned bookings.
Similarly, Tripadvisor Inc (NASDAQ:) stock gained before the start of trading after the online travel company produced solid returns thanks to more travelers looking to spend money on getaways.
Elsewhere, oil prices retreated sharply after a surge in U.S. crude inventories raised concerns over the prospect of weaker fuel demand in the U.S., the largest consumer of crude in the world.
Data from the American Petroleum Institute indicated that rose by around 10.5 million barrels last week, a considerably larger build than the 1.2 million-barrel rise widely expected in a Reuters poll of analysts.
By 07:16 ET, futures fell 0.54% to $78.63 a barrel, while the contract dropped 0.41% to $85.23.
Additionally, shed 1.02% to $1,846.40/oz, while traded 0.19% lower at 1.0715.
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