Updated: 9:10 a.m. ET

Shares flip to higher after CPI report meets estimates

Stock futures abruptly turned higher after investors embraced the government’s report on consumer price inflation.

At 9 a.m. futures trading in the Standard & Poor’s 500 index had moved to a gain of 13 points. Nasdaq-100 futures were up 59 points, and futures on the Dow Jones Industrial Average had climbed 53 points. 

Just before the Consume Price Index report came out, the futures market was modestly lower. 

Futures trading has proved a fickle indicator for investors since the market bottomed in mid-April. 

The CPI report suggested prices fell 0.1% in May but were up about 2.4%.

Oil prices were higher because the United States and China have agreed to continue their tariff negotiations.

Stock Market Today 

Stocks are looking to open slightly lower on Wednesday as investors parse an inflation report that matched Wall Street expectations.

The Consumer Price Index report, released at 8:30 a.m. EDT, showed annual inflation at 2.4% in May, compared with 2.3% in April. The Wall Street Journal reported that the latest number matched estimates from economists.

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Food prices were up 0.3% on the month. Energy prices, particularly gasoline prices, were a bit lower. 

Futures trading suggests little enthusiasm for an announcement late Tuesday that the U.S. and China had agreed to get their trade talks back on track. 

Michael M. Santiago/Getty Images

The Standard & Poor’s 500 Index was looking at opening down 9 points, with the Nasdaq 100 futures off 21 points, and futures based on the Dow Jones Industrial Average were off 87 points.

Protests against the Trump administration’s campaign to arrest anyone suspected of being in the U.S. illegally continued into Tuesday evening, although violence seemed to ebb. 

The big earnings report for the day will be Oracle  (ORCL)  after the close. Stocks in Asia and Europe were mostly higher. 

General Motors  (GM)  shares were tipped 0.7% higher after the Detroit auto giant unveiled a plan to spend $4 billion to move production to the U.S. from Mexico. The move reflects President Trump’s tariff policy, designed to encourage manufacturing in the U.S.

Separately, crude oil was up $1.10 a barrel to $66.07. Gold was up $24 to $3,371 per troy ounce.