U.S. stock futures surged on Wednesday after the consumer-price index for June showed prices rose by the smallest amount since August 2021. Meanwhile,...
U.S. stock futures surged on Wednesday after the consumer-price index for June showed prices rose by the smallest amount since August 2021. Meanwhile, Treasury yields and the U.S. dollar declined as traders’ expectations for another interest-rate hike later this year diminished, according to the CME’s FedWatch tool. S&P 500 futures ES00, +0.69% were up 35 points, or 0.8%, at 4507.25. Dow Jones Industrial Average futures YM00, +0.52% rose by 189 points, or 0.6%, to 34653.
Treasury yields, particularly on the short end of the curve, came down in the wake of the data, with the 2-year yield of 14 basis points at 4.750%. The euro EURUSD, +0.45% rose 0.5% against the U.S. dollar to trade at $1.1061. Headline and core CPI declined 0.2% in June, lower than economists’ expectations of 0.3%. It marked the smallest monthly reading since August 2021, On a 12-month basis, core CPI, which excludes volatile food and energy prices, rose by 4.8%, lower than expectations for 5%.
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