US STOCKS-Futures slip with focus on inflation report

  • Reuters
  • Stock Market News
US STOCKS-Futures slip with focus on inflation report
Credit: © Reuters.

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* Futures down: Dow 0.21%, S&P 0.24%, Nasdaq 0.47%

By Medha Singh

May 12 (Reuters) - U.S. stock index futures slipped on Wednesday as investors cautiously awaited inflation data that could force the Federal Reserve to reconsider its ultra-loose monetary policy.

The U.S. consumer price index (CPI) is expected to rise 0.2% in April after jumping 0.6% in March, while year-over-year CPI is expected to gain 3.6%, data at 8:30 a.m. ET (1230 GMT) is likely to show.

Rising commodity prices and signs of a labor shortage have fueled worries over rising prices this week, triggering a broad selloff that sent the S&P 500 2% below its record closing high on Friday, even as the Fed has reassured that any inflationary pressures would be transient.

At 6:23 a.m. ET, Dow e-minis 1YMcv1 were down 71 points, or 0.21%, S&P 500 e-minis EScv1 were down 10 points, or 0.24%, and Nasdaq 100 e-minis NQcv1 were down 62.5 points, or 0.47%.

Futures tracking the small-cap Russell 2000 index RTYcv1 dropped 1%.

Among mega-cap names, Facebook Inc FB.O , Inc AMZN.O , Apple AAPL.O , Netflix Inc NFLX.O , Google-parent Alphabet Inc GOOGL.O , Microsoft Corp MSFT.O and Tesla Inc TSLA.O fell between 0.4% and 0.9%.

Streaming platform FuboTV FUBO.N surged 20% after it raised its full-year revenue and subscription forecasts. Arts Inc EA.O inched up 1.2% as it forecast annual adjusted revenue above analysts' estimates, betting that demand for its titles like "FIFA 21" and "Apex Legends" would stay strong.

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