Investing.com-- U.S. stock index futures fell in evening deals on Thursday, extending mild losses from the session as hotter-than-expected inflation readings put markets on edge before a Federal Reserve meeting next week.
Technology stocks, particularly chipmakers exposed to artificial intelligence, saw steep losses on Thursday as fears of higher-for-longer interest rates spurred heavy profit-taking in the sector. Losses in the sector extended into after hours trading, with market darling NVIDIA Corporation (NASDAQ:NVDA) down 0.6%.
S&P 500 Futures fell 0.1% to 5,212.75 points, while Nasdaq 100 Futures fell 0.2% to 18,238.0 points by 19:14 ET (23:14 GMT). Dow Jones Futures fell 0.1% to 39,309.0 points.
Wall Street indexes closed lower on Thursday, as hotter-than-expected producer price index inflation data ramped up concerns over inflation remaining elevated.
The reading came just days after a strong consumer price index print, with the two data points ramping up concerns that the Fed will need to keep rates higher for longer to bring down inflation.
The inflation readings also came ahead of a Fed meeting next week, and saw markets turn more cautious over any potentially hawkish signals from the central bank.
While the Fed is not expected to raise interest rates further, markets were seen pricing down the potential for an interest rate cut in June, especially after the PPI data. This notion spurred some losses on Wall Street, especially as investors locked-in profits after a record-high run in U.S. stocks.
The S&P 500 fell 0.3% to 5,150.48 points, while the NASDAQ Composite closed 0.3% lower at 16,128.53 points on Thursday. The Dow Jones Industrial Average fell 0.4% to 38,905.66 points.
Losses on Wall Street were held
Read more on investing.com