Peter Nurse   

Investing.com. U.S. stocks open Wednesday with modest losses. The stock market is hovering around record levels before the Federal Reserve releases key consumer prices data for October. This will be an additional test of its nerves as it looks through the distortions associated with an economic recovery that has no precedents.

At 7:05 AM ET (1305 GMT), the contract had fallen 95 points or 0.3%. The contract traded lower by 16 points (0.4%) and dropped 0.5% by 85 points (805 GMT).

Three major indices finished lower Tuesday. This snapped long winning streaks. The blue chip lost just over 100 points (or 0.3%), while the broad-based fell 0.4% and the loss 0.6%.

Inflation has continued to rise despite indexes reaching all-time highs due to strong earnings, ongoing business reopening, and monetary policy support.

At the last Federal Reserve meeting, it began to reduce its bond-buying programme. The main concern now is when the central banking starts raising interest rates. 

September’s reading is scheduled for 8:30 AM ET (1330 GMT). It will reveal a 5.8% increase in year-over-year, which would mark the highest level of growth in thirty years. Meanwhile, the expected rise to 4.3%, which excludes energy and food prices, from one year ago, is also expected.

Weekly are also due out Wednesday, a day earlier than usual due to Thursday’s Veterans Day holiday.

Walt is a great example. Disney (NYSE:), Bumble After Wednesday’s close, all (NASDAQ:), are expected to announce quarterly earnings. Coinbase will however be the focus after Coinbase missed its revenue targets due to lower monthly active transactions users.

DoorDash (NYSE) will continue to be on the forefront of attention after Wolt was purchased by the Finnish food delivery company for $8 billion. 

Crude prices edged lower Wednesday, retreating after the previous session’s strong gains on the back of industry data showing a surprise 2.5 million barrel reduction in stockpiles, reinforcing the view that supply will remain constrained as demand continues to improve.

An expected build of 1.9million barrels was anticipated. Data from the United States are expected to be available at 10:30 ET. 

By 7:05 AM ET, U.S. crude futures traded 0.6% lower at $83.69 a barrel, having gained 2.7% on Tuesday, while the contract fell 0.2% to $84.61, adding to the previous session’s 1.6% gain. Both contracts ended at the highest level since Oct. 27,

Also, the price of gold fell 0.2% at $1,826.80/oz while it traded 0.3% lower to 1.1549