watch
now
Stock
futures
dipped
as
Wall
Street
looked
ahead
to
a
second
key
inflation
report.
Futures
tied
to
the
Dow
Jones
Industrial
Average
slid
90
points,
or
about
0.2%,
while
S&P
500
futures
also
lost
0.2%.
Nasdaq-100
futures
fell
0.2%.
Stocks
hit
sell-off
mode
Wednesday
as
investors
assessed
a
hot
March
inflation
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
led
Wednesday’s
losses,
tumbling
1.09%,
while
the
S&P
500
dropped
0.95%.
The
Nasdaq
Composite
sank
0.84%.
Ten
of
the
11
S&P
500
sectors
finished
the
session
in
negative
territory,
with
real
estate
bearing
the
brunt
of
the
selling
pressure
and
posting
decline
of
more
than
4%.
The
rate
on
the
10-year
Treasury
note
topped
4.5%,
while
the
yield
on
the
2-year
Treasury
surged
close
to
5%.
The
market’s
next
key
inflation
tests
come
Thursday
with
March’s
producer
price
index.
Economists
polled
by
Dow
Jones
expect
wholesale
prices
to
have
grown
by
0.3%
in
March,
and
0.2%
when
excluding
food
and
energy.
Separately,
weekly
jobless
claims
are
also
due
before
the
bell.
The
early
stages
of
earnings
season
continue
Thursday,
with
results
from
CarMax,
Fastenal
and
Constellation
Brands
before
the
bell.
The
unofficial
start
to
the
period
commences
with
big
bank
earnings
from
JPMorgan,
Wells
Fargo
and
Citigroup
on
Friday.
