U.S. futures tick lower after faster-than-expected U.S. inflation reading By
2024-02-13 23:20:13

-- U.S. stock futures slipped as investors digested a hotter-than-expected U.S. inflation reading that could have impact when the Federal Reserve chooses to roll out possible interest rate cuts this year.

Headline to 3.1% in January, but was faster than economists' projections, in a key economic release that could impact how Federal Reserve officials view the timing of potential interest rate cuts. Economists had anticipated that the year-on-year reading of the U.S. consumer price index would cool even further to 2.9% from 3.4% in December.

On a monthly basis, the major gauge of inflation in the world's largest economy to 0.3% from 0.2% in December, suggesting some stickiness in price gains due to stubborn rent costs. Economists had predicted that the measure would be unchanged.

Stripping out volatile items like food and fuel, remained at the same annual pace of 3.9% posted in December and month-on-month to 0.4% from 0.3%. The figures were seen at 3.7% year-on-year and 0.3% month-on-month.

By 09:14 ET (14:14 GMT), the contract had shed 69 points or 1.4%, had dipped by 322 points or 1.8%, and had slid by 387 points or 0.1%.

The main averages on Wall Street posted a mixed session on Monday. The blue-chip rose by 0.3%, outperforming the benchmark , which dipped by 0.1% but remained above the 5,000-point mark it surpassed last week. The tech-heavy closed lower by 0.3%.

The quarterly earnings parade continued on Tuesday, with beverage giant Coca-Cola (NYSE:) saying it expects to deliver full-year adjusted organic revenue growth of 6% to 7%. The guidance was just ahead of Bloomberg consensus predictions of 5.9% but slower than the pace registered in 2023, signaling a waning benefit from a recent surge in prices.

Biogen (NASDAQ:) shares edged down premarket after the company reported lower-than-anticipated profit and revenue in its latest quarter.

Hasbro's (NASDAQ:) stock price tumbled prior to the bell after the company missed consensus estimates on top and bottom lines for its fiscal fourth quarter.

Oliver Gray contributed to this report.

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