Dow Jones futures and S&P 500 futures turned lower early Wednesday, while Nasdaq futures edged higher, all coming off morning highs.
Crude oil prices jumped Tuesday as Shanghai eased Covid lockdowns in some areas, though the city remains largely shut down.
Before the open, the Labor Department reported consumer inflation jumped to 8.5% in March, its hottest rate since 1981.
DVN stock climbed 3.7% to 62.26, rebounding from the 21-day moving average and near the 10-week line.
RTX stock rose to 103.92 intraday, just below a 104.44 flat-base buy point and above an early entry of 103.97, just above the March 25 high.
The stock market rally got a strong bounce Tuesday morning following the CPI inflation report, with the Dow Jones and S&P 500 briefly reclaiming their 50-day moving averages.
Tesla earnings for Q1 are due on April 20, but investors will likely focus on short-term prospects and longer-term initiatives.
Aside from the commodity, defense and medical sectors, there is little reason to be playing this market aside from long-term winning positions.
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