US stock futures retreated on Tuesday, sliding away from recent highs as investors digested a hotter than expected January inflation report that showed prices increasing more than forecasted.
S&P 500 (^GSPC) futures sank 1%, after the benchmark faltered Monday in its bid to keep its historic rally above 5,000 going. Futures on the Dow Jones Industrial Average (^DJI) fell 0.7%, losing grip of a record closing high, while those on the tech-heavy Nasdaq 100 (^NDX) dropped 1.4% to pace declines.
When removing the volatile food and energy categories, Tuesday’s Consumer Price Index (CPI) release showed “core” prices increased 0.4% in January, their largest monthly gain since April 2023. On a headline basis, prices increased 3.1%, above the 2.9% economists surveyed by Bloomberg had projected.
Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
Also on deck is the next wave of corporate results in a better-than-expected earnings season. Eyes are on Coca-Cola (KO), Shopify (SHOP), and Airbnb (ABNB), among others, as investors watch for signs of a broadening beyond the “Magnificent Seven” earnings projections to drive market returns.
In other markets, the price of bitcoin (BTC-USD) hovered around $50,000 after the leading cryptocurrency hit the closely watched level for the first time since 2021, seen as a remarkable comeback.
Live1 update
Credit: Source link
