US Futures Ease Ahead of PPI Data

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US stock futures eased on Friday as investors look ahead to the latest producer inflation data. In regular trading on Thursday, the Dow inched up 0.04%, the S&P 500 shed 0.07% and the Nasdaq Composite was unchanged. Those moves came as the latest CPI report showed that the headline inflation exceeded expectations, rising to 3.4%, while the core rate fell less than anticipated to 3.9%. This led investors to slightly lower their expectations for a rate cut by the Federal Reserve in March to around 65% from the previous 70%. In corporate news, crypto-related stocks tumbled after the US SEC approved a rule change that paves the way for bitcoin ETFs. Sharp losses were seen from Coinbase (-6.7%), Marathon Digital (-12.6%), MicroStrategy (-5.2%) and Riot Platforms (-15.8%). Investors now look ahead to Friday’s producer price index report, as well as earnings reports from major banks including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo.

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