Wall St set for feeble open after October's hot inflation print
SPY•Wall Street's main indexes were set for a weak open after hotter-than-expected October inflation data, with S&P 500 futures down 0.52% and Nasdaq 100 futures down 1.03%. Traders priced in a nearly 99% chance of a December rate hike.
1. Inflation revives rate concerns
Wall Street's main indexes were on course for a weak open after October inflation came in hotter than expected, threatening a pause in a two-day rebound in technology shares. At 8:46 a.m. ET, Dow futures were down 0.02%, S&P 500 futures 0.52% and Nasdaq 100 futures 1.03%.
2. Traders expect a December hike
Federal Reserve Governor Christopher Waller said the central bank should raise rates by at least 25 basis points next month even if inflation cooled in October, and consider a half-point increase if price pressures accelerated. Traders were pricing in an almost 99% chance of a December hike.
3. AI shares and IPO in focus
Nvidia shares were down 1.6% in premarket trading, while Intel and Marvell Technology fell 3.6% and 5%. Anthropic said its IPO is expected to raise as much as $64.4 billion, at a fully diluted valuation of up to $1.4 trillion. CoreWeave and Nebius shares each fell more than 4% ahead of CoreWeave's earnings report.
