U.S. stock futures point higher after indexes extended their selloff Tuesday; U.S. steel and aluminum tariffs kick in; CPI data released this morning is expected to show that inflation slowed in February; Intel (INTC) shares are jumping in premarket trading on a report that Taiwan Semiconductor Manufacturing Company (TSM) was organizing a joint venture to take over the struggling chipmaker’s foundry division; and Adobe (ADBE) is expected to report first-quarter revenue and profit growth after the closing bell. Here’s what investors need to know today.
1. US Stock Futures Gain After Indexes Extended Selloff Tuesday
U.S. stock futures are pointing higher after indexes extended their selloff Tuesday. Nasdaq futures are nearly 1% higher, while S&P 500 and Dow Jones Industrial Average futures are up 0.9% and 0.6%, respectively. Bitcoin (BTCUSD) is little changed at just below $83,000, while the 10-year Treasury note yield is slightly higher at around 4.3%. Oil futures are about 1% higher. Gold futures are flat.
2. EU Hits Back as US Steel, Aluminum Tariffs Take Effect
Tariffs of 25% on all steel and aluminum imports into the U.S. took effect today, with no exceptions for the import tax that could add costs for car makers, home builders, equipment production and packaging. Today’s implementation follows a turbulent trading session during which the U.S. and Canada threatened to add even higher tariffs before backing off. The European Union announced 26 billion euros ($28 billion) in retaliatory tariffs against the U.S. “This matches the economic scope of the tariffs from the United States,” EU president Ursula von der Leyen said.
3. CPI Data Expected to Show Inflation Slowed Slightly in February
Inflation in February is expected to have decelerated slightly when that data is released at 8:30 a.m. ET today. The Consumer Price Index (CPI) is projected to show February inflation rose an annual rate of 2.9%, a tick lower than January’s reading of 3.0%, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires. The reading comes ahead of next week’s Federal Reserve interest-rate decision, where the central bank will consider inflationary pressures when evaluating where to set borrowing costs.
4. Intel Stock Jumps on Foundry Joint Venture Report
Intel (INTC) shares are surging by 8% in premarket trading after a report that a group of companies could take over the struggling chipmaker’s foundry division. Reuters reported that Taiwan Semiconductor Manufacturing Company (TSM) has approached U.S. chip designers Nvidia (NVDA), Advanced Micro Devices (AMD), and Broadcom (AVGO) about forming a joint venture to own and run Intel’s foundry division. According to Reuters, the Trump administration has asked TSMC for help in turning around Intel, whose shares have lost about 55% of their value in the past 12 months entering Wednesday.
5. Adobe Expected to Report Q1 Revenue, Profit Growth After Bell
Adobe (ADBE) is expected to release its first-quarter results after the closing bell today, with the graphics software maker projected to show improving revenue and profits from its artificial intelligence (AI) products. The Creative Cloud developer is expected to report adjusted earnings per share (EPS) that rose 11% year-over-year to $4.97 on revenue that increased by 9% to $5.66 billion. The report comes ahead of next week’s Adobe Summit, where the firm is expected to provide more updates on its Firefly generative AI platform. Adobe shares are 0.7% higher in premarket trading.