Futures briefly pare gains after producer prices data
(Reuters) — U.S. stock index futures briefly pared gains on Wednesday after data showed a stronger-than-expected rise in September producer prices, bolstering the case for the Federal Reserve to keep its interest rates elevated for longer.
The U.S. Labor Department's producer price index (PPI) for final demand rose 0.5% month-on-month in September, compared with the estimated 0.3% rise. The core figure rose 0.3% against expectations of a 0.2% rise.
On an annual basis, the headline inflation rose 2.2% versus an expected 1.6% growth, while the core figure rose 2.7% compared with an estimated 2.3%.
At 8:33 a.m. ET, Dow e-minis were up 82 points, or 0.24%, S&P 500 e-minis were up 9.75 points, or 0.22%, and Nasdaq 100 e-minis were up 39 points, or 0.26%.
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