Dow futures slide 150 points after another hot inflation report
Stock futures fell Thursday as traders digest another hot inflation report along with jobless claims showing the economy is holding up amid the Federal Reserve’s rate hikes.
Futures linked to the Dow Jones Industrial Average shed 172 points, or 0.49%. S&P 500 futures dipped 0.71% and Nasdaq-100 futures fell 0.85%. Earnings beats sent some shares higher – Roku surged 12% in premarket trading, Cisco added more than 3% and Hasbro ticked 1% higher.
January’s producer price index, another inflation measure, rose 0.7% on the month while economists surveyed by Dow Jones expected a 0.4% increase.
Stocks closed slightly higher Wednesday even after a stronger-than-expected January retail sales report suggested the Federal Reserve may have further to go in its efforts to tame inflation.
The Dow Jones Industrial Average rose 38.78 points, or 0.11%, and the S&P 500 climbed 0.28%. Meanwhile, the Nasdaq Composite notched its third straight day of gains, rising 0.92%.
For some market observers, that suggested stocks could have more room to run from here — even after their strong start to the year.
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