April CPI data eyed
Stock futures are pointing to more losses in U.S. stock markets Wednesday with the consumer price index on tap this morning. The Dow Jones Industrial Average, S&P 500 Index, and the Nasdaq Composite closed in the red territory on Tuesday as inflation fears spooked traders.
The U.S. Department of Labor releases the April consumer price index at 8:30 a.m. ET. Expectations are for the headline CPI to have increased 3.6% last month, which would be the largest since September 2011.
Core CPI, which excludes energy and food, is forecast to be up 0.3% or 2.3% on a year-over-year basis.
As of 5:20 a.m. ET, futures tied to the Dow tumbled 81.5 points, or 0.24% to 34,101.5. S&P 500 futures shed 8.37 points, or 0.2% to 4,137.88 while the tech-heavy Nasdaq 100 futures gave away 49.62 points, or 0.37% to 13,296.38.
Amazon wins EU court case over $303 million in unpaid taxes
Meanwhile, a European Union high court on Wednesday ruled that Amazon (NASDAQ: AMZN) does not have to pay a €250 million ($303 million) to the bloc.
The court annulled a 2017 decision from EU’s competition chief Margrethe Vestager that had ordered the online retail giant to pay €250 million in taxes for establishing an intricate tax structure that allowed it to channel revenue from all EU sales using a subsidiary located in Luxembourg.
Judges ruled that the regulator failed to show that the U.S. online retailer was given special treatment by Luxembourg’s tax authority in violation of state aid law.
Amazon’s win comes less than a year after the court ruled in favor of iPhone maker Apple (NASDAQ: AAPL) and Ireland in its dispute with the EU over €13 billion ($15 billion) in back taxes.
Minerva rockets on promising results from a late stage trial of a schizophrenia drug
Minerva Neurosciences (NASDAQ: NERV) shares skyrocketed in pre-market trading Wednesday after the company reported promising results from its open-label extension of the Phase 3 trial of roluperidone for the treatment of negative symptoms of schizophrenia.
The company said in a press release that data from the late-stage trial supported its view that roluperidone can potentially improve negative symptoms of schizophrenia and social functioning over the long term when administered without concomitant treatment with antipsychotics.
As of writing, Minerva stock was indicated 22.42% higher to $2.73 a share.
Crude edges higher as pipeline shutdown enters Day 6
Crude futures extended gains Wednesday as the Colonial Pipeline ransomware attack that shut down the major jet fuel and gasoline pipeline caused temporary distribution issues.
Colonial Pipeline has told federal authorities that it will be able to establish whether or not it is safe to resume operations by the end of Wednesday, according to Bloomberg News.
By 5:20 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures rose 41 cents, or 0.63% to $65.69 a barrel. International Brent crude futures gained 38 cents, or 0.55% to $68.93 a barrel.
