U.S. stock index futures inched lower on Wednesday as investors assessed an in-line February consumer prices reading and the Federal Reserve’s outlook for monetary policy.Â
A Labor Department report showed that the Consumer Price Index rose 0.3 percent on a monthly basis in February. On a year-on-year basis, the index stood at 2.4 percent, also consistent with an estimated 2.4 percent rise.
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The core figure, which excludes volatile food and energy components, rose 0.2 percent on a monthly basis, compared with expectations for a 0.2 percent advance. On a year-on-year basis, core inflation came in at 2.5 percent, versus an estimated 2.5 percent increase. Market analysts note that while these figures align with forecasts, they do not yet reflect the recent surge in oil prices triggered by the conflict in West Asia, which is expected to impact March and April data.
At 17:35 GMT, the Dow Jones was down 120.00 points, or 0.25 percent, while the S&P 500 decreased 10.5 points, or 0.21 percent. Simultaneously, Nasdaq 100 E-minis were down 10.78 points, or 0.04 percent. Despite the stable inflation data, credit-sensitive equities remained pressured by the surge in yields as energy-driven inflation fears limited expectations of Federal Reserve rate cuts later this year.
