Futures turn negative after April producer inflation data

  • Reuters
  • Stock Market News
Futures turn negative after April producer inflation data
Credit: © Reuters.

(Reuters) - Futures tracking Wall Street's main indexes turned lower on Tuesday after a stronger-than-expected producer inflation print dampened hopes of interest rate cuts from the Federal Reserve this year.

A Labor Department report showed the producer price index (PPI) rose 0.5% month-on-month in April, compared with a 0.3% increase expected by economists polled by Reuters. Annually, it rose 2.2%, in line with estimates.

© Reuters. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 8, 2024.  REUTERS/Brendan McDermid/File Photo

The core figure, excluding volatile food and energy items, rose 0.5% month-on-month, compared with an estimated 0.2% increase. On an annual basis, it rose 2.4% versus estimates of 2.4%.

At 08:32 a.m. ET, Dow E-minis were down 39 points, or 0.1%, S&P 500 E-minis were down 10 points, or 0.19%, and Nasdaq 100 E-minis were down 61.5 points, or 0.34%.

 

 

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