U.S. stock futures flat
Wall Street futures were trading flat early Wednesday after the U.S. Senate passed the Infrastructure Investment and Jobs Act on Tuesday with bipartisan support in a 69-30 vote.
The measure includes $1 trillion of spending to build roads, bridges, high-speed internet, public transit, electric vehicles, and other physical infrastructure projects.
The bill now heads to the House of Representatives, where it is likely to face resistance from some progressive lawmakers.
Speaking at the White House, President Joe Biden hailed the Senate’s approval of the bill, describing the deal as proof that “democracy can still work.”
Biden later tweeted that he hopes “Congress will send it to my desk as soon as possible so we can continue our work of building back better.”
As of 5:35 a.m. ET, futures tied to the blue-chip Dow were rose 8 points, or 0.02% to 35,163. S&P 500 futures dropped 6 points, or 0.14% to 4,4254 while the tech-heavy Nasdaq 100 futures gave away 49.75 points, or 0.33% to 14,99.75.
July inflation data in focus
The U.S. Commerce Department will be publishing the monthly inflation report at 8:30 a.m. ET today, following last Friday’s strong jobs report.
Markets will likely assess the pace of growth in consumer prices as the Federal Reserve has previously said it will not scale back its easy-money policies until inflation has exceeded 2%.
Data for the month of July is projected to show headline inflation slowed to a pace of 5.3% in July on a year-over-year basis. This follows a 5.4% increase in the month before.
The core inflation rate, which excludes the volatile food and energy prices, is forecast to rise 4.3% on the month, slightly decelerating from the 4.5% increase in June.
Coinbase tops earnings and revenue estimates
Coinbase (NASDAQ: COIN) topped Wall Street’s earnings and revenue estimates on Tuesday.
The cryptocurrency exchange reported second-quarter adjusted earnings of $3.45 per share, easily surpassing analysts’ expectations of $2.33 per share.
Revenue came in at $2.23 billion, up from $1.6 billion during the first quarter and $178 million from the second-quarter of the last year.
Analysts expected the company to come out with revenue of $1.78 billion in the quarter.
Following the report, Coinbase shares rose $7.33, or 2.72% to $277 apiece in the premarket trading session Wednesday. The stock ended the previous trading session down $10.80, or 3.85% to $269.67.
