Traders work on the floor of the New York Stock Exchange on August 16, 2023 in New York City.
Michael M. Santiago | Getty Images
Stock futures fell Wednesday, putting Wall Street on course to add to the previous session’s losses.
Futures tied to the S&P 500 and Dow Jones Industrial Average were lower by 0.2% and 70 points, respectively. Nasdaq-100 futures shed 0.33%.
The Dow finished close to 200 points, or roughly 0.6%, lower on Tuesday, while the S&P 500 and Nasdaq Composite slipped 0.4% and nearly 0.1%, respectively.
Roku shares surged more than 12% before the bell after announcing a slew of cost-cutting measures, including layoffs.
Part of the downward pressure came from oil prices, which rose to their highest level since November after Saudi Arabia and Russia extended their voluntary supply cuts. On Wednesday, West Texas Intermediate futures slipped 0.7% to $86.07.
Treasury yields also jumped Tuesday. Oil prices and yields climbing can raise concerns about how the Federal Reserve will move interest rates going forward, according to Bill Merz, head of capital market research at U.S. Bank Wealth Management.
“Rising oil prices really feeds into the story about inflation,” he said. “And the story about inflation feeds into bond yields and a story about the Fed and what the Fed is going to do.”
Investors will watch Wednesday for economic data in the morning on the U.S. trade deficit and services industry. A new beige book, which summarizes economic activity, will be released in the afternoon.
GameStop, American Eagle Outfitters and ChargePoint are among stocks slated to report earnings after the bell.