Futures tied to the S&P 500 slid on Wednesday night, with traders looking ahead to more earnings reports and economic data following a losing session brought about by hotter-than-expected inflation data.
S&P 500 futures slipped 0.2%, while Nasdaq-100 futures dropped 0.7%. Dow Jones Industrial Average futures rose just 22 points.
The tech-heavy Nasdaq Composite shed 1.9% during regular trading, marking its worst day since July 23 — when it dropped 2.2%. The S&P 500 dropped 1.1%, its biggest one one-day slide since July 29. The Dow was the relative outperformer, falling just 0.1%.
In Asia, futures for Hong Kong's Hang Seng index stood at 24,074 lower than the index's last close of 24,314.17. Japan's Nikkei 225 was also set to fall at open, with its Chicago futures at 66,225, compared with the index's previous close of 67,744.29. Australia's S&P/ASX 200 was down 0.85% in its first hour of trade.
There are growing concerns that the Federal Reserve could tighten monetary policy more aggressively before year-end, after new data showed consumer prices in September rose faster than expected on a year-over-year basis.
"Inflation is cooking with gas," said Jamie Cox, managing partner for Harris Financial Group. "It is abundantly clear where the inflation impulse originates, but two wars need to end before we get any relief. The Federal Reserve made the mistake of calling Covid era inflation transitory, and now it appears they are set to make the same mistake in reverse on the energy supply shock."
Investors will get even more inflation data on Thursday, with the September reading on producer prices due out at 8:30 a.m. ET. New retail sales figures and weekly jobless claims are also slated for release at that time.
The corporate earnings season continues as well, with regional banks U.S. Bancorp and PNC due to report. Charles Schwab is also scheduled to post earnings.
34 Min AgoAsia markets set to track Wall Street decline as inflation data stokes rate hike fears
Asia-Pacific markets were set to fall Thursday, tracking losses on Wall Street as hotter-than-expected U.S. inflation data fuels concerns that the Federal Reserve could raise interest rates more aggressively.
Escalating attacks on commercial vessels in the Strait of Hormuz have also dented sentiment, as they add to uncertainty around the Middle East conflict, clouding the outlook for energy supplies.
Futures for Hong Kong's Hang Seng index stood at 24,074, lower than the index's last close of 24,314.17.
Japan's Nikkei 225 was also set to fall at open, with its Chicago and Osaka futures contracts last at 66,365 and 66,480, respectively, compared with the index's previous close of 67,744.29.
Australia's S&P/ASX 200 was down 0.85% in its first hour of trade.
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