S&P 500 futures turned negative on Wednesday after September inflation came in above estimates. The hotter reading reduced confidence that the Federal Reserve will keep rates unchanged at its October meeting.
S&P 500 futures turned negative on Wednesday after a hotter-than-expected inflation reading. Reuters reports that the data reduced confidence the Federal Reserve will hold rates steady at its October meeting.
The Labor Department's Consumer Price Index rose 3.7% on an annual basis, above the 3.6% estimate of economists polled by Reuters. On a monthly basis, the index increased 0.6%, compared with an estimate of a 0.6% rise.
However, the core measure, which excludes food and energy, rose 2.6% annually in September, versus expectations of 2.5%. Core CPI rose 0.3% on a monthly basis, above estimates of a 0.2% gain.
S&P 500 E-minis were down 18.75 points, or 0.24% at 08:33 a.m. ET. Dow E-minis fell 83 points, or 0.16%, while Nasdaq 100 E-minis dropped 156.5 points, or 0.49%.
Source: Investing.com
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