Futures slip with focus on inflation report By Reuters


© Reuters. FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid

By Medha Singh

(Reuters) – 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 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, were down 71 points, or 0.21%, were down 10 points, or 0.24%, and were down 62.5 points, or 0.47%.

Futures tracking the small-cap index dropped 1%.

Among mega-cap names, Facebook Inc (NASDAQ:), Amazon.com Inc (NASDAQ:), Apple (NASDAQ:), Netflix Inc (NASDAQ:), Google-parent Alphabet (NASDAQ:) Inc, Microsoft Corp (NASDAQ:) and Tesla (NASDAQ:) 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 (NASDAQ:) 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.