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U.S. stock futures were pointing to a higher open Wednesday as investors digested a fresh batch of earnings and looked ahead to the latest reading on inflation.
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Dow Jones Industrial Average futures gained 88 points, or 0.28%, while S&P 500 futures and Nasdaq futures were higher by 0.32% and 0.34%, respectively. The early advance will have all three of the major averages flirting with record highs at the open.
In stocks, Twitter Inc. reported its number of daily users in the three months through December rose from 187 million to 192 million, but that was shy of the 193.5 million that analysts were anticipating. Both earnings and revenue were ahead of expectations.
Elsewhere, General Motors Co. topped estimates for both earnings and revenue, but warned a chip shortage could reduce current year earnings by up to $2 billion.
Dow component Coca-Cola Co. reported net sales slumped 5% from a year ago, but cost-cutting helped its profit beat Wall Street expectations.
Cisco Systems Inc. said its sales from its enterprise business, which accounts for roughly half of the company’s revenue, slumped 9% year over year as government agencies and corporations remained cautious in the wake of the COVID-19 outbreak.
MGM Resorts International and Uber Technologies Inc. will report after the closing bell.
In other news, Chevron Corp. said about 600 gallons of a mixture of water and oil spilled from its Richmond, California, facility. The leak, which has been contained, is under investigation.
Economic data is light with the consumer price index due out at 8:30 a.m. ET. Analysts surveyed by Refinitiv are expecting 0.3% month-over-month growth.
In commodities, West Texas Intermediate crude oil climbed 31 cents to $58.67 per barrel and gold ticked up $4.60 to $1,842.10 an ounce.
European markets swung between gains and losses with Germany’s DAX 30 trading lower by 0.1%, France’s CAC 40 down 0.06% and Britain’s FTSE 100 up 0.29%.
In Asia, China’s Shanghai Composite index rose 1.43% in its final day of trading before its weeklong closure in observance of the Chinese New Year. Elsewhere in the region, Hong Kong’s Hang Seng index advanced 1.91% and Japan’s Nikkei 225 ticked up 0.19%.
