Wall Street was on its way to new records early Wednesday after the latest U.S. inflation data raised investor hopes that the Federal Reserve will cut its key interest rate next month, the Associated Press reports.
Futures for the S&P 500 and Nasdaq rose 0.2%, while Dow Jones Industrial Average futures were up 0.3%. The former two indexes each closed at record highs on Tuesday.
The Fed will get one more inflation report and is scheduled to get another report on the U.S. job market before its next meeting, which ends Sept. 17.
Gildan Activewear said Wednesday that it was buying HanesBrands for $2.2 billion in a deal that will give HanesBrands shareholders close to 20% of the combined company. HanesBrands shares slid more than 9% before the bell after skyrocketing 28% on Tuesday when rumors of the deal surfaced.
Cava plummeted 24% in off-hours trading after the Mediterranean restaurant chain posted weaker-than-forecast same store sales in the second quarter and cut some of its full-year guidance.
In energy trading, U.S. benchmark crude oil lost 52 cents to $62.65 per barrel. Brent crude, the international standard, fell 44 cents to $65.68 per barrel.
