Futures contracts tied to the major U.S. stock benchmarks rose slightly Wednesday after the Labor Department released July inflation data that was roughly in line with expectations. Dow Jones Industrial Average traded 0.1% higher along with S&P 500 futures. Nasdaq 100 futures were up by 0.3%.
The July reading on the consumer price index rose 5.4% on a year-over-year basis. That’s a touch higher than a Dow Jones forecast of 5.3%. Month over month, the CPI climbed by 0.5%, in line with expectations.
The Senate approved a budget resolution early Wednesday, marking the first step taken by Democrats toward passing a $3.5 trillion spending plan. The resolution was passed with a 50-49 vote along party lines. Republican have united against the proposal as well as the tax hikes Democrats plan to use to pay for it. The measure — which directs Senate committees to craft a bill that includes spending on climate initiatives, paid leave and other items in the Democratic agenda — comes a day after the Senate passed a $1 trillion bipartisan infrastructure bill.