U.S. Consumer Prices Seen Easing In July, Here Are The Major Macro Issues For Wednesday

The Nasdaq closed lower on Tuesday after Micron Technology, Inc. (NASDAQ: MU said its Q4 revenue may come in at or below the low end of its guidance range provided in its June earnings call.

Let’s have a look at the major economic reports scheduled for release today.

• The MBA's index of mortgage application activity for the latest week is scheduled for release at 7:00 a.m. ET.
• The Consumer Price Index for July will be released at 8:30 a.m. ET. Consumer prices, which have been rising sharply in the recent period, are expected to increase by just 0.2% in July, compared to June's 1.3% headline surge. Year-over-year rates are likely to increase 8.7% overall, versus June's 9.1% surge.
• Data on wholesale inventories for June will be released at 10:00 a.m. ET. The second estimate of wholesale inventories is an increase of 1.9% in June, which is unchanged versus the first estimate.
• The Atlanta Fed's Business Inflation Expectations survey report for August will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is scheduled for release at 10:30 a.m. ET.
• Federal Reserve Bank of Chicago President Charles Evans is set to speak at 11:00 a.m. ET.
• The Treasury will auction 10-year notes at 1:00 p.m. ET.
• The U.S. Treasury budget statement for July will be released at 2:00 p.m. ET. Analysts expect a $162.0 billion deficit for July, versus an $88.8 billion deficit in June and compared to a year-ago deficit of $302.1 billion.

Bitcoin, Ethereum Notch Losses; Here Are The Top Crypto Movers For Wednesday

Check out our premarket coverage here