US stock futures added to gains on Tuesday after headline inflation data came in hotter than expected to help shape expectations about the timing of a Federal Reserve interest rate cut.
S&P 500 (^GSPC) futures rose 0.5%, while technology-heavy Nasdaq 100 (^NDX) futures rose nearly 0.8% after two days of losses. Dow Jones Industrial Average (^DJI) futures rose 0.2%.
Investors are digesting the release of the Consumer Price Index, one of the most important data inputs for the Fed in deciding its next policy move. Headline inflation met expectations with a monthly increase of 0.4% in February, after a 0.3% rise in the previous month. But the “core” CPI – which excludes food and energy prices – rose 0.4% month-on-month and 3.1% year-on-year, both above estimates.
The CPI reading is seen as influential, given that Fed policymakers have said they want to make sure inflation is declining before they start cutting interest rates from their historically high level. Prior to the CPI release, S&P 500 traders were hedging moves of 0.9% in either direction for stocks.
Meanwhile, Bitcoin (BTC-USD) continued its record high, rising to $72,120. Surging inflows into crypto assets have helped the leading coin gain nearly 70% this year so far, prompting bulls to predict that Bitcoin could reach $350,000 this year.
On the corporate front, shares of Oracle (ORCL) jumped 12% in pre-market trading amid signs that the database giant is making progress in cloud computing amid a partnership with artificial intelligence chip giant Nvidia (NVDA).
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