Futures Pointing To Modestly Lower Open On Wall Street

(RTTNews) - Following the lackluster performance seen in the previous session, stocks may move to the downside in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the S&P 500 futures down by 0.3 percent.

A rebound by the price of crude oil may weigh on Wall Street, as crude for April delivery is surging by nearly 4 percent after plummeting by almost 12 percent during Tuesday's session.

Crude oil is regaining ground after the United Kingdom Maritime Trade Operations said it has received reports of three vessels being struck by projectiles off Iran's coast, adding to worries about transit through the Strait of Hormuz.

Reports that Iran is seeking to mine the Strait of Hormuz has also added to concerns about shipping through the vital waterway.

In U.S. economic news, a report released by the Labor Department showed consumer prices in the U.S. increased in line with economist estimates in the month of February.

The Labor Department said its consumer price index climbed by 0.3 percent in February after rising by 0.2 percent in January. The growth matched expectations.

Excluding food and energy prices, core consumer prices rose by 0.2 percent in February after increasing by 0.3 percent in January, which was also in line with estimates.

The report also said the annual rates of growth by both consumer prices and core consumer prices were unchanged from the previous month at 2.4 percent and 2.5 percent, respectively.

After recovering from an early sell-off to end Monday's session mostly higher, stocks showed a lack of direction over the course of the trading day on Tuesday. The major averages spent the day bouncing back and forth across the unchanged line.

The major averages eventually ended the day narrowly mixed. While the Nasdaq inched up 1.16 points or less than a tenth of a percent to 22,697.10, the Dow edged down 34.29 points or 0.1 percent to 47,706.51 and the S&P 500 dipped 14.51 points or 0.2 percent to 6,781.48.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Wednesday. Japan's Nikkei 225 Index jumped by 1.4 percent, while China's Shanghai Composite Index rose by 0.3 percent.

Meanwhile, the major European markets have moved to the downside on the day. While the German DAX Index is down by 1.3 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both down by 0.7 percent.

In commodities trading, crude oil futures are surging $3.59 to $87.04 a barrel after plummeting $11.32 to $83.45 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $5,183.20, down $58.90 compared to the previous session's close of $5,242.10. On Tuesday, gold surged $138.40.

On the currency front, the U.S. dollar is trading at 158.54 yen compared to the 158.04 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1587 compared to yesterday's $1.1610.