© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 14, 2024. REUTERS/Brendan McDermid/File Photo
(Reuters) – Futures tracking the turned negative on Friday, as a hotter-than-expected producer inflation report quashed market speculation of an imminent interest rate cut by the Federal Reserve this year.
A Labor Department report showed producer price index (PPI) rose 0.3% month-on-month in January, compared with the 0.1% increase expected by analysts polled by Reuters. Annually, it rose 0.9% versus the 0.6% estimated growth.
The core figure, excluding volatile food and energy items, rose 0.5% month-on-month compared with the estimated 0.1% increase. On an annual basis, it rose 2% versus the 1.6% expected growth.
At 8:30 a.m. ET, were down 97 points, or 0.25%, were down 4.5 points, or 0.09%, and were up 31.75 points, or 0.18%.