U.S. equity futures traded lower Thursday morning as selling continued after the consumer price index for April remained near a 40-year-high, sparking concerns about a looming recession.
down to 8.3% from 8.5% in March. Investors also found some glass-half-full signals in the data suggesting that the consumer price index, or CPI, may be peaking and set to ease further, but the numbers were still higher than economists forecasted.Investors will get another inflation-related report Thursday morning.
The Bureau of Labor Statistics reports wholesale prices for April. The producer price index is expected to rise 0.5% month-over-month according to Refinitiv forecasts, down from 1.4% in March. Year-over-year, prices paid by wholesalers are anticipated to jump 10.7%, down from a record 11.2% annual surge in March. Factoring out volatile food and energy costs, core producer prices are anticipated to rise 0.6% monthly in April, down from 1.0% the prior month.
Benchmark U.S. oil dropped to around $103 per barrel in electronic trading on the New York Mercantile Exchange. It gained 6% on Wednesday. Brent crude, the international pricing standard, traded around $105 per barrel. It added 4.9% the day before.
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