Wall St to open lower as hot inflation data stokes rate-cut uncertainty By Reuters

© Reuters. Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 12, 2024. REUTERS/Brendan McDermid

(Reuters) – U.S. stock index futures extended losses sharply on Tuesday, as hotter-than-expected consumer inflation readings smashed market speculations of an early start to interest rate cuts this year.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.3% on a monthly basis in January, above the 0.2% increase expected by economists polled by Reuters. Annually, it increased 3.1% versus the 2.9% estimated growth.

Excluding volatile food and energy components, the core figure rose 0.4% month-on-month in January, compared with the estimated 0.3% rise. Annually, it gained 3.9% versus the estimated 3.7% increase.

At 8:33 a.m. ET, were down 309 points, or 0.79%, were down 56.25 points, or 1.12%, and were down 276.25 points, or 1.54%.

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