US STOCKS-Futures slip with focus on inflation report

U.S. stock index futures slipped on Wednesday as investors cautiously awaited inflation data that could force the Federal Reserve to reconsider its ultra-loose monetary policy. The U.S. consumer price index (CPI) is expected to rise 0.2% in April after jumping 0.6% in March, while year-over-year CPI is expected to gain 3.6%, data at 8:30 a.m. ET (1230 GMT) is likely to show.


Reuters | Updated: 12-05-2021 16:19 IST | Created: 12-05-2021 16:10 IST
US STOCKS-Futures slip with focus on inflation report
Representative Image Image Credit: Pixabay

U.S. stock index futures slipped on Wednesday as investors cautiously awaited inflation data that could force the Federal Reserve to reconsider its ultra-loose monetary policy.

The U.S. consumer price index (CPI) is expected to rise 0.2% in April after jumping 0.6% in March, while year-over-year CPI is expected to gain 3.6%, data at 8:30 a.m. ET (1230 GMT) is likely to show. Rising commodity prices and signs of a labor shortage have fueled worries over rising prices this week, triggering a broad selloff that sent the S&P 500 2% below its record closing high on Friday, even as the Fed has reassured that any inflationary pressures would be transient.

At 6:23 a.m. ET, Dow e-minis were down 71 points, or 0.21%, S&P 500 e-minis were down 10 points, or 0.24%, and Nasdaq 100 e-minis were down 62.5 points, or 0.47%. Futures tracking the small-cap Russell 2000 index dropped 1%.

Among mega-cap names, Facebook Inc, Amazon.com Inc , Apple, Netflix Inc, Google-parent Alphabet Inc, Microsoft Corp and Tesla Inc fell between 0.4% and 0.9%. Streaming platform FuboTV surged 20% after it raised its full-year revenue and subscription forecasts.

Electronic Arts Inc inched up 1.2% as it forecast annual adjusted revenue above analysts' estimates, betting that demand for its titles like "FIFA 21" and "Apex Legends" would stay strong.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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