US STOCKS-Wall St set to open lower as strong inflation stokes rate hike fears

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* U.S. consumer prices jump more than expected in April
* Electronic Arts gains on upbeat revenue forecast
* Futures down: Dow 0.40%, S&P 0.69%, Nasdaq 1.29%

(Adds comment; details; updates prices)
By Medha Singh and Sruthi Shankar
May 12 (Reuters) - Wall Street's main indexes were set to
open lower on Wednesday after stronger-than-expected inflation
data fueled fears of tighter monetary policy to combat possibly
a longer period of inflation.
The consumer price index jumped 0.8% last month after rising
0.6% in March, the Labor Department said. Excluding the volatile
food and energy components, it soared 0.9%, as booming demand in
a reopening economy pushed against supply constraints.
Bets in U.S. money markets in favor of a 25 basis point
interest rate hike by December 2022 rose to 100% from 88% before
the data was reported.
"The argument is whether this bout of inflation is
transitory or here to stay. And time will tell," said Peter Tuz,
president of Chase Investment Counsel in Charlottesville,
Virginia.
"It's here to stay until you see labor costs and commodity
costs mitigate some."
Rising commodity prices and signs of labor shortage have
fueled worries over rising prices, triggering a selloff that
sent the S&P 500 2% below its record closing high on Friday,
even as the Fed reassured that any price pressure would be
transient.
At 8:43 a.m. ET, Dow e-minis 1YMcv1 were down 136 points,
or 0.4%, S&P 500 e-minis EScv1 were down 28.5 points, or
0.69%, and Nasdaq 100 e-minis NQcv1 were down 172.5 points, or
1.29%.
Futures tracking the small-cap Russell 2000 index RTYcv1
dropped 1.4%.
Shares of big U.S. lenders, which tend to outperform in a
rising interest rate environment, gained.
Bank of America Corp BAC.N , Citigroup Inc C.N , JPMorgan
Chase & Co JPM.N , Goldman Sachs GS.N , Wells Fargo & Co
WFC.N and Morgan Stanley MS.N were up between 0.6% and 1%.
Among mega-caps, 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% in premarket trading.
Electronic Arts Inc EA.O inched up 1.7% as it forecast
annual adjusted revenue above market expectation, betting that
demand for its titles like "FIFA 21" and "Apex Legends" would
stay strong. Streaming platform FuboTV FUBO.N surged 20.1% after it
raised its full-year revenue and subscription forecasts.
Bumble Inc BMBL.O slipped 1.1% ahead of its first-quarter
results due after market close.