U.S. stock futures were in the red Wednesday morning, with the Nasdaq 100, S&P 500, and Dow all pointing lower after a mixed close on Tuesday. Investors are bracing for the May consumer price index report, due before the opening bell, which is expected to show a 4.2% year-over-year increase — the biggest jump in consumer prices since April 2023, according to FactSet.

Adding to the uncertainty, President Donald Trump ordered military strikes against Iran on Tuesday after a U.S. Apache helicopter was shot down near the Strait of Hormuz. Trump later played down the severity, telling The Wall Street Journal it “wasn't a big deal” because “the pilot is fine.” The strikes came just a day after Trump posted on social media that “both sides, Israel and Iran, are looking to do an immediate ceasefire,” shortly before Iran’s armed forces said they had ended military operations against Israel.

The 10-year Treasury yield stood at 4.53%, while the two-year note yielded 4.14%. According to the CME Group's FedWatch tool, markets are pricing in a 98.2% probability that the Federal Reserve will leave interest rates unchanged at its June meeting.

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket. SPY was down 0.47% at $733.62, while QQQ declined 0.79% to $702.25.

Stocks In Focus

Super Micro Computer

• Super Micro Computer Inc. (SMCI) dropped 8.74% in premarket after the company announced a proposed offering to raise funds for AI orders. It launched a series of offerings expected to generate gross proceeds of $7 billion to purchase components for AI server orders received in “recent weeks.”

• Market data indicates that SMCI maintains a strong price trend in the short, medium, and long terms, with a solid growth ranking.

Casey's General Stores

• Casey's General Stores Inc. (CASY) rose 2.87% after reporting better-than-expected fourth-quarter results. EPS came in at $4.37, beating the analyst estimate of $3.32 by 31.63%.

• Market data indicates that CASY maintains a strong price trend in the long and medium terms but a weak trend in the short term, with a moderate value score.

Autozi Internet Technology

• Autozi Internet Technology Ltd. (AZI) surged 54.05% after the company announced that its controlling shareholder fulfilled a $7 million funding commitment.

• Market data indicates that AZI maintains a strong price trend in the long, short, and medium terms.

Cracker Barrel Old Country Store

• Cracker Barrel Old Country Store Inc. (CBRL) rose 5.51% after reporting third-quarter fiscal 2026 results that exceeded expectations, with revenue of $797.4 million and adjusted earnings of 29 cents per share.

• Market data indicates that CBRL maintains a strong price trend in the medium and short terms, but a weak trend in the long term, with a poor growth score.

Oracle

• Oracle Corp. (ORCL) was 2.67% lower as Wall Street expects it to post quarterly earnings of $1.96 per share on revenue of $19.10 billion after the closing bell.

• Market data indicates that ORCL maintains a strong price trend in the long, medium, and short terms, with a poor value score.

Cues From Last Session

Health care, real estate, and materials stocks recorded the biggest gains on Tuesday, driving most S&P 500 sectors to close on a positive note. However, information technology and energy stocks bucked the trend, closing lower as U.S. stocks settled mixed.

Insights From Analysts

Professor Jeremy Siegel maintains a constructive outlook on the U.S. economy and stock market, driven by a resilient labor market and robust corporate profits. Despite minor economic friction, Siegel observes that “the economy is not slowing in any meaningful way,” as evidenced by strong payroll gains that defy consensus expectations of a slowdown. This macroeconomic strength, alongside geopolitical tensions, means the prospect of near-term interest rate cuts has become “even more remote.”

In equity markets, Siegel notes that the AI theme continues to dominate, with investors looking past geopolitical risks to focus on innovation. While a market trading at 21 to 22 times forward earnings is “not cheap,” he argues it remains justifiable. He explains that “digital products can be replicated at almost no incremental cost,” which fuels the expanding profit margins of top tech franchises. While Siegel acknowledges a recent, disappointing lag in productivity data, he remains optimistic about the long-term benefits of tech innovation. Ultimately, he advises investors to stay the course, concluding that “until we see meaningful deterioration in the labor market or a clear breakdown in earnings growth, the primary trend remains higher.”

Upcoming Economic Data

Here's what investors will be watching Wednesday:

• May's consumer price index and core CPI data will be released at 8:30 a.m. ET.
• The monthly U.S. federal budget statement for May will be out at 2:00 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session, up 0.48% to around $88.62 per barrel. Gold spot fell 2.10% to around $4,170.27 per ounce, well below its record high of $5,595.46. The U.S. Dollar Index was flat at 99.9180.

Meanwhile, Bitcoin (BTC) was trading 2.25% lower at $61,490.33 per coin over the last 24 hours.

Asian markets closed mixed on Wednesday: Australia's ASX 200 and India's Nifty 50 rose, while Hong Kong's Hang Seng, Japan's Nikkei 225, South Korea's Kospi, and China's CSI 300 declined. European markets were mostly higher in early trade.