Stock futures edge higher ahead of inflation data
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[March 13, 2018]
By Sruthi Shankar
(Reuters) - U.S. stock index futures were
slightly higher on Tuesday ahead of the consumer prices data, which will
provide the last crucial reading on inflation in the run up to a
near-certain interest rate hike by the Federal Reserve next week.
Rising inflation have been a cause of concern for investors as they fear
the central bank might raise interest rates at a faster pace.
The data, due at 8:30 a.m. ET, is expected to show consumer prices
ticked higher to 2.2 percent in February and were unchanged at 1.8
percent on a core basis.
Last month, Wall Street saw its worst two weeks in two years as fears of
higher wages, inflation and interest rates triggered a selloff that
dragged the main indexes into correction territory.
But Friday's wage growth numbers eased some of those concerns, with
traders sticking to their bets of three interest-rate increases in 2018.
At 7:03 a.m. ET, Dow e-minis <1YMc1> were up 56 points, S&P 500 e-minis
<ESc1> were up 5.75 points and Nasdaq 100 e-minis <NQc1> were up 8.25
points.
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Traders work on the floor at the New York Stock Exchange (NYSE) in
Manhattan, New York City, U.S., March 2, 2018. REUTERS/Andrew Kelly
The S&P 500 and the Dow ended lower on Monday as the tariffs signed into law
last week by President Donald Trump weighed on industrials, though gains in tech
stocks boosted the Nasdaq.
Trump on Monday blocked microchip maker Broadcom Ltd's <AVGO.O> proposed
takeover of Qualcomm Inc <QCOM.O> on national security grounds.
Qualcomm dipped 4.7 percent in premarket trading while Broadcom shares rose 1.2
percent. Shares of rival Intel Corp <INTC.O> rose 2.45 percent.
General Electric <GE.N> shares fell 1.9 percent after JPMorgan cut its price
target on the stock to $11 from $14.
(Reporting by Sruthi Shankar in Bengaluru Editing by Arun Koyyur)
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