Home Economy News S&P 500 futures pare gains after February consumer prices data

S&P 500 futures pare gains after February consumer prices data


S&P 500 futures pare gains after February consumer prices data By Reuters

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Published Mar 12, 2024 05:37AM ET
Updated Mar 12, 2024 08:40AM ET

© Reuters. A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 7, 2024. REUTERS/Brendan McDermid

(Reuters) – Futures tracking the S&P 500 pared gains on Tuesday, as a hotter-than-anticipated inflation reading dampened hopes of the Federal Reserve cutting borrowing costs in the next few months.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.4% on a monthly basis in February, in line with the 0.4% increase expected by economists polled by Reuters. Annually, it increased 3.2%, versus a 3.1% estimated growth.

Excluding volatile food and energy components, the core figure rose 0.4% month-on-month in February, compared with an estimated 0.3% rise. Annually, it gained 3.8% versus the estimated 3.7% increase.

At 8:32 a.m. ET, Dow e-minis were down 58 points, or 0.15%, S&P 500 e-minis were up 6.75 points, or 0.13%, and Nasdaq 100 e-minis were up 54.5 points, or 0.3%.

S&P 500 futures pare gains after February consumer prices data

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