S&P 500 futures turn negative after September inflation data
SPY•S&P 500 futures turned negative after September CPI rose 3.7% year over year, above the 3.6% estimate. Core CPI rose 2.6% annually, above expectations of 2.5%, as futures on the major US indexes declined.
1. Inflation tops estimates
The Consumer Price Index rose 3.7% year over year in September, above economists’ 3.6% estimate. Monthly CPI increased 0.6%, matching estimates. Core CPI rose 2.6% annually, above the 2.5% forecast, and increased 0.3% monthly, above the 0.2% estimate.
2. Index futures decline
At 8:33 a.m. ET, Dow futures were down 0.16%, S&P 500 futures fell 0.24% and Nasdaq 100 futures dropped 0.49%. The hotter-than-expected inflation reading reduced confidence that the Federal Reserve will keep rates unchanged at its October meeting.
