Futures fell back as traders were reluctant to make bold bullish bets ahead of the U.S. consumer price index report for April due at 8:30 a.m. Eastern.
How are stock-index futures trading On Tuesday, the Dow Jones Industrial Average DJIA fell 57 points, or 0.17%, to 33562, the S&P 500 SPX declined 19 points, or 0.46%, to 4119, and the Nasdaq Composite COMP dropped 77 points, or 0.63%, to 12180.
What’s driving markets Traders were reluctant to make bold bets ahead of the U.S. consumer price index report for April due at 8:30 a.m. Eastern. The headline annual rate of CPI inflation is expected to stay the same as March at 5%, but for core inflation, which strips out volatile items like food and energy, to dip from 5.6% to 5.5%.
Investors are currently pricing in the Federal Reserve beginning to trim borrowing costs in coming months, a hope that is seen underpinning stocks of late and helping the S&P 500 move towards the top of the 3,800 to 4,200 range its has held all year. “A stronger-than-expected CPI print hurts risky assets as it boxes the Fed – caught betwixt and between inflation concerns, slowing growth and the need to address banking sector woes,” Innes added.
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