Audio Posts and Shared Links Audio Sources - Full Text Articles

SNAPSHOT Futures pare declines after Feb retail sales, producer price data

Listen to this article

The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. REUTERS/Brendan McDermid

U.S. stock index futures pared declines on Wednesday as a bigger-than-expected fall in February’s retail sales and a moderation in producer price inflation kept alive hopes of a less aggressive monetary policy stance by the Federal Reserve.

Data showed retail sales fell 0.4% last month. Economists polled by Reuters had expected a contraction of 0.3%.

A separate report showed producer prices rose 4.6% in February on an annual basis, against expectations of a 5.4% rise.

Traders’ bets were still equally split between odds of a 25 basis point rate hike and a pause at the Fed’s March meeting.

At 8:33 a.m. ET, Dow e-minis were down 488 points, or 1.52%, S&P 500 e-minis were down 58.5 points, or 1.49%, and Nasdaq 100 e-minis were down 130.75 points, or 1.07%.

WP Radio
WP Radio