off-the-wire

LIVE MARKETS-U.S. stock futures green on roughly in-line CPI

Kitco Media
By Reuters
Published:
Updated:
Reuters



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U.S. equity index futures rise: S&P 500 up ~1.1%

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U.S. Feb CPI MM, YY in-line vs estimates; core MM > estimate, YY in-line vs estimate

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Euro STOXX 600 index up ~0.8%

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Dollar ~flat; gold dips; crude down ~2%; bitcoin up ~9%

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U.S. 10-Year Treasury yield rises to ~3.57%

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at U.S. STOCK FUTURES GREEN ON ROUGHLY IN-LINE CPI (0900 EDT/1300 GMT) U.S. equity index futures are in positive territory in the wake of the release of the latest data on U.S. inflation. The February CPI on a month-over-month and year-over-year basis came in flat with estimates. The month-over-month core reading was slightly above the estimate, while the year-over-year reading was in-line with the estimate:


According to the CME's FedWatch Tool, the probability of a 25 basis point rate hike at the March 21-22 FOMC meeting is now 92% from 78% just before the numbers were released. There is now around a 8% chance that the FOMC will leave rates unchanged from around 22% prior to the data coming out. CME e-mini S&P 500 futures are gaining around 1.1%. The futures were up around 0.9% just before the numbers came out.


All S&P 500 sector SPDR ETFs are higher in premarket trade. Financials are showing the biggest gain, up about 4%. A check of premarket action in banking ETFs shows the SPDR S&P Bank ETF gaining more than 7%, while the SPDR S&P Regional Banking ETF is up 10%. Regarding the inflation data, Angelo Kourkafas, investment strategist at Edward Jones, said, "Today's report suggests that the Fed has more work to do. It's not dissimilar to January's report. We continue to see inflation slow down but not at the pace we were hoping to see." Here is a premarket snapshot just shortly after 0900 EDT:


(Terence Gabriel, Sinéad Carew)
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<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ LMCPI03142023 premarket03142023 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Terence Gabriel is a Reuters market analyst. The views expressed are his own)

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