Wall Street stock futures are trending down as investors await critical U.S. inflation data and reflect on a recent debate between presidential candidates Donald Trump and Kamala Harris. The debate featured intense exchanges, but left markets with little insight into either candidate’s economic plans. Meanwhile, GameStop (NYSE) shares took a hit in after-hours trading after the video game retailer announced it would issue new shares, following a decline in quarterly revenue.

1. Futures Dip

U.S. stock futures slipped on Wednesday, as traders digested the heated Trump-Harris debate and looked ahead to the release of key U.S. inflation data, which may influence the Federal Reserve’s next move on interest rates.

As of 03:34 ET (07:34 GMT), Dow futures had dropped by 95 points, or 0.2%, while S&P 500 futures were down by 11 points, also 0.2%. Nasdaq 100 futures fell by 47 points, a 0.3% decline.

Both the S&P 500 and Nasdaq Composite posted gains for the second consecutive day on Tuesday—marking the first back-to-back gains since mid-August. However, the Dow Jones Industrial Average declined, led by falling bank shares after JPMorgan Chase (NYSE) indicated that analyst forecasts for its 2024 earnings were overly optimistic. Goldman Sachs CEO David Solomon also warned earlier this week that the bank’s trading revenues could drop 10% this quarter.

Investors are now focused on the upcoming U.S. Consumer Price Index (CPI) data for August, which could offer clues on the Federal Reserve’s next steps as they consider another potential rate cut at their meeting later this month.

2. Trump-Harris Debate Offers Little for Wall Street

In a fiery debate on Tuesday, Republican candidate Donald Trump and Democratic contender Kamala Harris clashed on issues ranging from immigration to the economy. Despite the heated exchanges, neither candidate offered significant details on key economic policies, leaving investors uncertain about their plans for tariffs, taxes, and regulation.

Trump has promised to cut corporate taxes and adopt a more aggressive stance on tariffs, which analysts suggest could boost corporate profits but also fuel inflation. In contrast, Harris has vowed to raise corporate taxes, a move analysts believe could reduce company earnings.

During the debate, Harris criticized Trump’s tariffs on foreign goods, arguing that they amount to a tax on the middle class. Trump defended the tariffs, asserting they wouldn’t raise consumer prices and attacked Harris for presiding over a period of high inflation during the Biden administration.

Following the debate, the Chinese yuan, which had been under pressure during Trump’s previous term due to trade tensions, strengthened against the dollar.

3. GameStop Shares Drop Amid Plans to Issue New Stock

GameStop shares plunged by over 10% in after-hours trading after the company announced it would issue additional stock, despite reporting a drop in second-quarter revenue.

The retailer, a focal point of the 2021 meme-stock craze, said it plans to sell 20 million new shares to raise funds for “general corporate purposes,” including possible acquisitions and investments in line with its current strategy.

GameStop reported revenue of $798.3 million for the quarter ending August 3, down from $1.16 billion a year earlier, highlighting the ongoing challenges the company faces due to the rise of online gaming and weak performance at its physical stores.

4. Chinese Biotech Firms Rebound After U.S. House Bill Concerns

Shares of several Chinese biotech firms, listed in Hong Kong, bounced back on Tuesday after a steep sell-off caused by a U.S. House of Representatives bill.

Companies like WuXi AppTec (SS:603259), Beigene (HK:6160), Akeso (HK:9926), and Sino Biopharmaceutical (HK:1177) all posted gains after slipping earlier in the week. The drop came after the U.S. House passed legislation restricting their operations in the U.S. on national security grounds, citing concerns about protecting Americans’ personal health and genetic information.

The bill still needs to pass the Senate before reaching President Biden for approval.

5. Oil Prices Rebound Amid Supply Concerns

Oil prices rose in European trading on Wednesday as traders awaited the potential impact of Hurricane Francine on Gulf of Mexico production. Prices were also supported by industry data showing an unexpected drop in U.S. oil inventories.

Brent crude futures for November delivery rose by 1.3% to $70.11 a barrel, while West Texas Intermediate crude futures increased by 1.4% to $66.05 per barrel by 03:34 ET.

However, oil markets are still recovering from steep losses earlier this week, as disappointing Chinese import data and a downward revision to the Organization of the Petroleum Exporting Countries’ (OPEC) demand forecast created a more cautious outlook for the sector.