Wall St set for lower open as sticky inflation hampers bumper rate-cut bets
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
August YoY CPI at 2.5% vs 2.6% estimate
Trump Media & Technology shares slide
Gamestop falls after stock offering
Futures down: Dow 0.5%, S&P 500 0.35%, Nasdaq 0.3%
Updated at 8:47 a.m. ET/ 1247 GMT
By Shashwat Chauhan and Lisa Pauline Mattackal
Sept 11 (Reuters) -Wall Street was set to open lower as uncertainty about the Federal Reserve's interest rate path increased following the latest inflation data, while odds of Democrat Kamala Harris winning the U.S. presidency rose following a televised debate.
Consumer prices in the United States rose marginally in August, but underlying inflation showed some stickiness, which could discourage the Fed from delivering a half-point rate cut next week.
"The Fed would have liked to have seen softer numbers in order to justify a potential 50-basis point cut at the upcoming meeting ... but this (data) probably makes it more likely that they proceed with a 25-bps cut," Jason Pride, chief of investment strategy and research at Glenmede, said.
The consumer price index (CPI) increased 0.2% last month after climbing 0.2% in July, the Labor Department's Bureau of Labor Statistics said.
The core figure, excluding volatile food and energy components, rose 0.3% on a monthly basis against forecasts of a 0.2% rise.
The Fed will likely start a series of interest-rate cuts next week with a quarter-of-a-percentage point reduction, traders bet on Wednesday.
Yields on U.S. government bonds rose after the data, with the yield on the 10-year note US10YT=RR last at 3.6853%, while the dollar index =USD turned positive, last up 0.1%.
Producer prices data is also due on Thursday.
Market sentiment was also driven by political developments after Harris put her Republican rival Donald Trump on the defensive in a combative presidential debate on Tuesday.
After the debate, pricing for a Trump victory slipped by 6 cents to 47 cents on online betting site PredictIt, while climbing to 57 cents from 53 cents for a Harris win.
Shares of Trump Media & Technology Group DJT.O, Trump's media firm, slid 14.9% in premarket trading on Wednesday.
While the debate offered Wall Street little clarity on key policy issues, some market watchers see Harris's proposals to raise the corporate tax rate as likely to hit company profits, while Trump's tougher stance on tariffs could stoke inflation.
At 08:47 a.m. ET, Dow E-minis 1YMcv1 were down 219 points, or 0.54%, S&P 500 E-minis EScv1 were down 19.25 points, or 0.35%, and Nasdaq 100 E-minis NQcv1 were down 57 points, or 0.3%.
Among other stocks, GameStop GME.N dropped 12.3% after the videogame retailer, which has been at the center of a "meme stock" frenzy, said it had filed for an offering of up to 20 million shares and reported lower second-quarter revenue.
Large banks' stocks were lower after slumping on Tuesday as comments from top executives raised worries about earnings. JPMorgan Chase JPM.N dipped about 0.3%, while Morgan Stanley MS.N fell 1.8%.
Shares of lithium-miners jumped after Chinese battery giant CATL 300750.SZ said it plans to make adjustments to lithium carbonate production in Yichun based on recent market conditions. Albemarle ALB.N, one of the largest lithium miners in the world, jumped 13.5%.
Cryptocurrency and blockchain-related stocks slipped as bitcoin BTC= fell nearly 2%. Trump has positioned himself as a crypto-friendly candidate.
Exchange operator Coinbase Global COIN.O lost 3.3%, software firm MicroStrategy MSTR.O eased 3.5% and crypto miner Riot Platforms RIOT.O fell 3.9%.
Reporting by Shashwat Chauhan and Lisa Mattackal in Bengaluru; Editing by Shounak Dasgupta
Aset Terkait
Berita Terbaru
Pengungkapan: Entitas XM Group menyediakan layanan khusus eksekusi dan akses ke Fasilitas Trading Online kami, yang memungkinkan Anda untuk melihat dan/atau menggunakan konten yang tersedia pada atau melalui situs, yang tidak untuk mengubah atau memperluas, serta tidak mengubah atau memperluas hal tersebut. Akses dan penggunaan ini selalu sesuai dengan: (i) Syarat dan Ketentuan; (ii) Peringatan Risiko; dan (iii) Pengungkapan Penuh. Oleh karena itu, konten disediakan hanya sebagai informasi umum. Anda juga harus ketahui bahwa konten Fasilitas Trading Online kami bukan sebagai ajakan atau tawaran untuk untuk melakukan transaksi apa pun di pasar finansial. Trading di pasar finansial mana pun melibatkan tingkat risiko yang signifikan pada modal Anda.
Semua materi yang diterbitkan di Fasilitas Trading Online kami hanya untuk tujuan edukasi/informasi dan tidak boleh mengandung nasihat dan rekomendasi finansial, pajak investasi atau trading, catatan harga trading kami, penawaran, permintaan, transaksi dalam instrumen finansial apa pun atau promo finansial untuk Anda yang tidak diminta.
Konten pihak ketiga apa pun, serta konten yang disiapkan oleh XM, seperti opini, berita, riset, analisis, harga, informasi lain atau link ke situs pihak ketiga yang tersedia "sebagaimana adanya", sebagai komentar pasar umum dan bukan menjadi nasihat investasi. Sejauh konten apa pun ditafsirkan sebagai penelitian investasi, Anda harus memperhatikan dan menerima bahwa konten tersebut tidak dimaksudkan dan belum disiapkan sesuai dengan persyaratan hukum yang dirancang untuk mempromosikan kemandirian riset investasi dan dengan demikian akan dianggap sebagai komunikasi pemasaran di bawah hukum dan peraturan yang relevan. Mohon dipastikan bahwa Anda telah membaca dan memahami Notifikasi pada Riset Investasi Non-Independen dan Peringatan Risiko kami mengenai informasi di atas, yang dapat diakses disini.
