Stock futures declined Thursday, with the S&P 500 and Dow Jones Industrial average set to fall from records, as economic data pointed to stubborn inflation and an uptick in unemployment. Futures tied to the Dow Jones Industrial Average fell 100 points, or 0.2%. S&P 500 futures were 0.35% lower, and Nasdaq 100 futures fell 0.5%. The September consumer price index rose more than expected last month, increasing 0.2% on a monthly basis and 2.4% from the previous year. That came in ahead of the 0.1% gain and 2.3% increase expected by analysts polled by Dow Jones. The results will inform the Federal Reserve’s next steps policy steps at it readies for its first meeting after September’s super-sized cut. The findings also come as concerns mount that the central bank may slow the pace of future cuts. Fed funds futures trading data suggests a 89% likelihood of a quarter-point cut, according to CME Group’s FedWatch tool. “Bundle this data with last Friday’s gangbuster jobs number and the path to future rate cuts by the Fed remains uncertain,” said Paul Toft, senior portfolio manager at Key Wealth. Minutes from the latest meeting released Wednesday also appeared to signal some division over last month’s 50 basis point cut. Although “substantial majority of participants” some favored a smaller move. Stocks are coming off a winning session that saw S&P and Dow notch record closes as technology stocks rallied and geopolitical concerns eased. U.S. Treasury yields were steady on Thursday as investors parsed fresh inflation and jobless claims data, showing inflation rising more than expected while the labor market cooled. The 10-year Treasury yield was less than 1 basis point higher at 4.073%, while the 2-year Treasury was less than 1 basis point lower at 4.012%. Asia-Pacific markets closed higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial Average reach new records as investors shrugged off geopolitical concerns. Australia’s S&P/ASX 200 ended the day up 0.43% to reach 8,223 points. South Korea’s Kospi gained 0.34% to end at 2,603.25, while the small-cap Kosdaq was down 0.22% to 776.52. Japan’s Nikkei 225 gained 0.26% to end at 39,380.89, while the broad-based Topix rose 0.2% to close at 2,71267. The mainland CSI 300 closed 1.06% higher at 3,997.78, while Hong Kong’s Hang Seng index was up 3% as of its last hour of trading. Oil prices rose more than 1% on Thursday, underpinned by a spike in fuel demand as a major storm barreled into Florida, with Middle East supply risks also in focus. Brent crude futures rose 84 cents, or 1.1%, to $77.42 a barrel after 8 am ET. U.S. West Texas Intermediate futures were up 85 cents, or 1.16%, at $74.09 per barrel. Gold prices recovered slightly on Thursday to snap a six-session losing streak, while traders remain focused on a key U.S. inflation reading for insights on a potential rate reduction by the Federal Reserve this year. Spot gold was up 0.2% at $2,611.94 per ounce. U.S. gold futures edged about 0.1% higher to $2,629.40. “Expectations of further rate cuts are giving a modest lift to gold, despite much firmer Treasury yields and U.S. dollar,” independent analyst Ross Norman said.
Roodeweg 222, Willemstad, Curaçao