U.S. Stock Futures Edge Higher

U.S. stock futures edged up, suggesting another day of muted moves for major indexes after the opening bell.

S&P 500 futures added 0.1% and futures tied to the Dow Jones Industrial Average traded flat. Contracts on the Nasdaq-100 gained 0.2%. Changes in futures don't necessarily predict market moves after the markets open.

In Europe, the Stoxx Europe 600 was largely flat in morning trade, and it is at its highest level in a year as gains in consumer discretionary and energy sectors were balanced by losses in financials and communication services sectors.

SSP Group slipped 3.3% snapping a three-day run of gains.

The U.K.'s FTSE 100, which is dominated by large international businesses, was down 0.3%. Other stock in Europe were mixed as France's CAC 40 added 0.1% and Germany's DAX was broadly flat, whereas the U.K.'s FTSE 250 lost 0.1%.

The British pound strengthened 0.1% against the U.S. dollar, with 1 pound buying $1.42 whereas the Swiss franc and the euro were broadly flat against the U.S. dollar.

In commodities, international benchmark Brent crude was up 0.4% to $72.54 a barrel. Gold declined 0.1% to $1,892.40 a troy ounce.

German 10-year bund yields were down to minus 0.225% and the 10-year gilts yield was down to 0.772%. The 10-year U.S. Treasury yield slipped to 1.523% from 1.527%. Yields and prices move in opposite directions.

Stocks in Asia were mixed as China's benchmark Shanghai Composite climbed 0.3%, whereas Hong Kong's Hang Seng shed 0.3% and Japan's Nikkei 225 index was lower 0.4%.

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U.S. stock futures edged up Wednesday, pointing to tepid gains at the open led by technology stocks.

Futures tied to the S&P 500 ticked less than 0.1% higher. On Tuesday, it ground up for its third-highest close on record. Nasdaq-100 futures edged up 0.2%, suggesting muted gains for technology stocks after the opening bell.

The S&P has been subdued for much of the last two weeks as investors weigh the reopening of the economy with rising inflation and supply chain concerns. The onset of summer months and the pandemic are also leading to thinner trading volumes, money managers said.

"We've seen very low volatility over the past week," said John Roe, head of multiasset funds at Legal & General Investment Management. "As we get into the warmer weather, we have less market participants and a less volatile environment. This reduces liquidity."

Worries about runaway inflation have abated in recent days, although investors remain on watch for fresh data on inflation in May that is due Thursday.

"The debate around how persistent inflation is and will be for the coming months is key. This might create some volatility," said Luc Filip, head of private banking investments at SYZ Private Banking. Last month's "higher than expected [consumer-price index] figures triggered quite a bit of market stress," he added.

Fresh data Wednesday showed a higher-than-expected spike in China's producer prices in May, driven by a rise in commodity prices. The consumer-price index came in below forecasts, signaling that the higher costs haven't yet been passed onto consumers.

"When you look at the global inflation picture, it is very interesting to see that actually, inflation isn't such a problem currently in Asia," Mr. Filip said.

In bond markets, the yield on the benchmark 10-year U.S. Treasury note edged down to 1.514%, from 1.527% on Tuesday.

Bitcoin edged up 1.5% from Tuesday's 5 p.m. ET level to trade at about $34,150, according to CoinDesk.

Overseas, the pan-continental Stoxx Europe 600 was relatively flat after notching a fresh record on Tuesday.

The Shanghai Composite Index ticked up 0.3% by the close of trading, while Hong Kong's Hang Seng Index edged down 0.1%. Japan's Nikkei 225 alid 0.4%.

Write to Anna Hirtenstein at anna.hirtenstein@wsj.com

  (END) Dow Jones Newswires
  06-09-21 0356ET
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