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March PPI, weekly jobless claims due at 0830 ET
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Delta Air gains on upbeat Q2 profit forecast
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Harley-Davidson slips after CFO steps down
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Futures mixed: Dow down 0.01%, S&P up 0.09%, Nasdaq up 0.24%
(Updates prices throughout)
By Sruthi Shankar and Ankika Biswas
April 13 (Reuters) - U.S. stock index futures were
subdued on Thursday ahead of fresh economic data that could
offer clues on the Federal Reserve's monetary tightening plans,
while investors also waited for earnings from big banks after
turmoil in the sector last month.
Following a selloff in March due to the banking crisis, the
benchmark S&P 500 has traded in tight ranges this month
as investors assessed the path for U.S. interest rates following
strong jobs data and signs of cooling inflation.
Wall Street closed lower on Wednesday after data showed
consumer prices rose at a slower-than-expected pace in March,
however, core prices remained sticky and supported the case for
another 25-basis point rate hike by the Fed in May.
"There is certainly some optimism that prices are heading in
the right direction and that inflation is slowing," said Michael
Hewson, chief market analyst at CMC Markets UK.
"However, against this sort of stodginess in core prices,
it's hard to imagine inflation falling quickly enough to justify
the sort of rapid repricing which would prompt the Fed to start
cutting rates only months after their last rate hike."
Adding to the downbeat mood was minutes from the Fed's
latest policy meeting that indicated concerns of a recession
following the banking sector stress and that several
policymakers considered pausing rate hikes last month.
Data at 8:30 a.m. ET (1230 GMT) is expected to show producer
prices barely rose in March on a month-on-month basis, following
a 0.1% contraction in February. On a year-over-year basis, the
index is seen climbing 3.0% last month after a 4.6% growth in
February.
Meanwhile, another set of data is also expected to show
weekly jobless claims rose 232,000 in the week ended April 8,
higher than the 228,000 claims filed a week earlier.
Big U.S. banks JPMorgan Chase & Co , Citigroup Inc and Wells Fargo & Co are scheduled to report
quarterly results on Friday, and investors will watch them
closely for details about the sector's overall health.
Most Wall Street banks are likely to report lower quarterly
earnings and give a dour outlook, with the regional banking
crisis and a slowing economy expected to weigh on profitability.
Analysts expect S&P 500 companies to record a profit decline
of 5.2% in the first quarter, as per Refinitiv IBES data, in
what could be their worst showing since the third quarter of
2020.
Financial companies that are part of the S&P 500 are
expected to report a profit growth of 4.3% in the first quarter.
At 6:46 a.m. ET, Dow e-minis were down 4 points, or
0.01%, S&P 500 e-minis were up 3.75 points, or 0.09%,
and Nasdaq 100 e-minis were up 30.5 points, or 0.24%.
Among major movers, shares of Delta Air Lines gained
4.3% in premarket trading following a higher-than-expected
second-quarter profit forecast, citing "record" bookings for
summer travel.
Harley-Davidson Inc dropped 3.6% after the
motorcycle maker said Chief Financial Officer Gina Goetter was
leaving the company at the end of April.
(Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru;
Editing by Shounak Dasgupta and Sriraj Kalluvila)
