Stock market today: Live updates

[Pelican Press 0]

Stock market today: Live updates

Stock futures fell Thursday morning as Wall Street looked ahead to a second key inflation report.

Futures tied to the Dow Jones Industrial Average slid 97 points, or 0.25%. S&P 500 futures also lost 0.2% along with Nasdaq-100 futures.

The March reading of the producer price index is slated for release at 8:30 a.m. ET. Economists polled by Dow Jones expect wholesale prices to have grown by 0.3% in March, and 0.2% when excluding food and energy.

The report comes after a rough day for Wall Street.

Stocks sold off Wednesday as investors assessed a hot March consumer price index reading that fueled worries the Federal Reserve may implement fewer rate cuts than expected. Minutes from the Fed’s meeting last month also showed that some officials remain concerned about inflation’s path toward the central bank’s 2% goal.

The surprising print — in which consumer prices grew 0.4% in March and 3.5% from a year earlier — prompted Goldman Sachs chief economist Jan Hatzius to adjust the firm’s call to two rate cuts from three in 2024. He now sees the first rate reduction happening in July.

“I am optimistic that we are rebalancing the labor market, and we will bring down inflation over time – for me none of those things have changed,” he told CNBC’s “Closing Bell” on Wednesday. “However, what has changed is the timing of the Fed adjusting because that’s going to depend a lot more on the month-on-month inflation news, which has clearly been disappointing.”

The Dow Jones Industrial Average lost 1.1%, while the S&P 500 dropped 0.95%. The Nasdaq Composite sank 0.84%.

The early stages of earnings season continue Thursday, with results from CarMax, Fastenal and Constellation Brands before the bell. The unofficial start to the ******* commences with big bank earnings from JPMorgan, Wells Fargo and Citigroup on Friday.

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