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Futures slide after retail sales data mars early rate-cut hopes
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(Reuters) — U.S. stock index futures extended declines on Wednesday, after data reflecting a higher-than-anticipated rise in December retail sales tempered expectations of the Federal Reserve delivering early rate cuts this year.
A Commerce Department report showed December retail sales rose by 0.6% on a monthly basis, compared with the 0.4% increase expected by economists polled by Reuters.
At 8:32 a.m. ET, Dow e-minis were down 167 points, or 0.44%, S&P 500 e-minis were down 25.5 points, or 0.53%, and Nasdaq 100 e-minis were down 121.25 points, or 0.71%.
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