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U.S. stock futures sawawed near the flatline Thursday morning as December inflation was slightly higher than economists expected, raising new questions about the Federal Reserve’s interest rate policy.
S&P 500 (^GSPC) futures fell about 0.1% after the benchmark closed Wednesday at its highest close since January 2022, but fell just short of breaking a new record. Futures prices for the Dow Jones Industrial Average (^DJI) remained flat, and futures prices for the tech-heavy Nasdaq 100 Index (^NDX) also fell by about 0.1%.
Stocks struggled this week as investors counted down December’s U.S. consumer inflation data. This measure showed a slightly larger than expected increase as prices rose 0.3% month-over-month and 3.4% year-over-year. On a “core” basis, inflation rose by 3.9% over the past year.
The print publication was seen as important for traders, who have been increasingly pricing in the possibility of a “soft landing” (inflation retreating to 2% without a recession) since the last CPI report.
Meanwhile, cryptocurrency stocks rose after the SEC gave regulatory approval to begin trading in a U.S. spot Bitcoin ETF on Thursday, which is seen as a game-changer for the sector. Shares of exchanges Coinbase (COIN) and Miner Marathon Digital (MARA) were among the stocks that rose in pre-market trading.
Bitcoin (BTC-USD) trades above $47,000, its highest since March 2022, while rival Ether trades above $47,000 amid bets that the second-largest token will be the next to be greenlit for an ETF. (ETH-USD) has soared.
Ahead of Friday’s quarterly earnings report, Citigroup (C) announced that it would take more than $3 billion in one-time provisions and expenses to close the year. Given the lackluster performance so far this year, fourth-quarter earnings season is crucial for stocks.
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