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Futures Flat, Traders On Edge Ahead Of Critical CPI Print, 10Y Treasury Auction

U.S. equity futures and global markets drifted without direction on Wednesday as the rally in tech shares stalled and U.S. bond yields ticked higher ahead of a critical 10Y bond auction while investors nervously awaited a reading on inflation later in the day amid fears that the economy could potentially overheat. As Reuters puts it, “it all seemed a bit subdued” after Tuesday’s roaring 20% surge in electric car doyen Tesla, 4% jump in the Nasdaq and biggest one-day gain for global heavyweights Amazon and Microsoft in well over a month.

At 6:31 a.m. ET, Dow E-minis were up 110 points, or 0.34%, S&P 500 E-minis were up 3.50 points, or 0.09% and Nasdaq 100 E-minis were down 15 points, or 0.12% as Tesla dropped about 1.5%, while Apple Inc, Amazon.com Inc, Facebook Inc and Microsoft Corp fell between 0.2% and 0.7% in early trading. General Electric rose as much as 3.7% in pre-market trading after agreeing to combine its jet-leasing business with rival AerCap Holdings NV.  The Nasdaq dipped after logging its best one-day percentage jump in four months on Tuesday, helped by a near 20% jump in Tesla shares as investors picked up momentum stocks that had recently taken a beating due to higher yields.

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