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US STOCKS-Futures slip with focus on inflation report

Published 05/12/2021, 06:39 PM
Updated 05/12/2021, 06:40 PM
© Reuters.

© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* 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 , Amazon.com 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.
Electronic 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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