US pre-open: Futures in the red following hottest CPI reading in 40 years
Wall Street futures were in the red ahead of the bell on Friday as market participants continued to mull over yesterday's consumer price index.
As of 1215 GMT, Dow Jones futures were down 0.44%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.52% and 0.77% lower, respectively.
The Dow closed 526.47 points lower on Thursday after the hottest inflation reading in four decades led to a sharp sell-off.
Friday's pre-market losses come after yesterday's CPI data showed consumer prices surged more than 7% in January, leading to a rout in risk assets that sent the yield on the benchmark 10-year Treasury note above 2% for the first time since 2019, while the rate-sensitive 2-year yield shot up more than 26 basis points for its biggest intraday move since 2009.
While yields had cooled off somewhat prior to the open on Friday, the 10-year note was still sitting at around 2.004%.
In reaction to the hotter-than-expected inflation reading, which marked the CPI's highest gain since February 1982, St Louis Federal Reserve president James Bullard called for an acceleration to rate hikes, with him suggesting that a full percentage point increase come into effect by the start of July.
On the macro front, a preliminary reading of the University of Michigan's February consumer sentiment index and the Federal Reserve's monetary policy report were both slated for release at 1500 GMT.
No major corporate earnings were slated for release on Friday.