US stocks look set to open higher in Wednesday's trading session as key inflation data released earlier in the morning came in lower than expected.
Dow Jones Industrial Average futures were up 0.9%, S&P 500 futures gained 0.9%, and Nasdaq futures were 0.9% higher.
The consumer price index for May was unchanged from April and rose 3.3% on an annual basis. The consensus forecast was for monthly and annual inflation rates of 0.1% and 3.4% respectively, according to Investing.com.
Investors are awaiting the Federal Reserve's interest rate decision, which will be announced Wednesday afternoon, following conclusion of the policy setting Federal Open Market Committee's two-day meeting. The FOMC is expected to keep the federal funds target rate range unchanged at 5.25% to 5.50%.
Oil prices were moving sharply higher, with front-month global benchmarks North Sea Brent crude up 1.5% at $83.12 per barrel and US West Texas Intermediate crude up 1.6% at $79.15 per barrel.
In other world markets, Japan's Nikkei was down 0.7%, Hong Kong's Hang Seng fell 1.3%, and China's Shanghai Composite gained 0.3%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was rising 1%, while Germany's DAX 30 was up 1.2% and France's CAC 40 was up 0.8%.
On the winning side, shares of Golden Heaven Group (GDHG) jumped 52% in recent premarket activity Wednesday, adding to a marginal gain the previous session. Wang & Lee Group's (WLGS) shares surged 36%, adding to a more than 16% gain on Tuesday. Shares of Beamr Imaging (BMR) advanced 40% after it said late Tuesday that its cloud solution is now available on Oracle's (ORCL) Cloud Marketplace. Cyngn's (CYN) stock climbed 32% after it announced progress of its proprietary computer vision technology for industrial autonomous machines, which is built on NVIDIA (NVDA) accelerated computing. And shares of Big Tree Cloud (DSY) were up 15%, erasing Tuesday's 23% loss.
On the losing side, shares of Tonix Pharmaceuticals' (TNXP) dropped 47% after the company announced late Tuesday a common stock offering, the size of which was not disclosed. ThermoGenesis (THMO) shares tumbled 38% after it reported in a regulatory filing late Tuesday that Nasdaq denied its request for continued listing on the exchange, and that its common stock will be suspended June 17. Nauticus Robotics (KITT) shares dropped 19%, wiping out a 17% gain the previous session. Shares of KWESST Micro Systems (KWE) dropped 18%, wiping out Tuesday's 17% gain. And Streamline Health Solutions' (STRM) stock lost 11%, following a 39% gain the previous day.
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