U.S. equity futures were bouncing between gains and losses Wednesday morning, looking to halt a three-day decline.
The major futures indexes suggest a small decline when the opening bell rings on Wall Street.
Oil prices traded higher adding to the surge of nearly 4% the previous day.
U.S. West Texas Intermediate crude futures contract traded at $93.00 a barrel, having jumped 3.7% the previous day. Brent crude futures traded around $99.00 a barrel.
Worries about inflation are weighing on investors’ minds. A report on falling new home sales also set off pessimism about a possibly imminent recession.
The next big event circled on the calendar is a speech Friday by Jerome Powell, the chair of the U.S. Federal Reserve. He’ll be speaking at an annual symposium held by the Fed in Jackson Hole, Wyoming.
Wednesday’s economic reports include pending home sales and durable goods orders.
Two stocks that were moving in the premarket were Nordstrom and Intuit on quarterly results. Shares of La-Z-Boy were higher.
In Asia, Japan’s benchmark Nikkei 225 slid 0.5%, Hong Kong’s Hang Seng dipped 1.2% and China’s Shanghai Composite shed 1.9%.
On Wall Street, the S&P 500 dipped 9.26 points, or 0.2%, to 4,128.73 after flipping between small gains and losses through the day.
The Dow Jones Industrial Average dropped 154.02 points, or 0.5%, to 32909.59. The tech-heavy Nasdaq Composite slipped 0.27 point, or less than 0.1%, to 12381.30.