US futures slip as inflation worries resurface: financial news today
On Wednesday, Wall Street stocks appeared poised for another day of losses as continued inflation concerns raised doubts that the Federal Reserve would decide to cut interest rates any time soon.
Futures on the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) both slipped about 0.2%. The tech-heavy Nasdaq 100 lost 0.3%.
WTI crude (CL=F) is trading around the highest level in nine months after hitting $90 on Tuesday after Saudi Arabia and Russia maintained production cuts. That renewed concerns about “stubborn” inflation and weighed on stocks, helping all three major US indicators to close lower on Tuesday.
With the Fed meeting on September 20 approaching, investors are debating whether this price pressure will convince policymakers to keep rates higher for longer.
At the same time, poor data from Europe and China are fueling concerns about a demand slowdown that could undermine the US economy’s demonstrated resilience so far. A surprisingly sharp drop in German industrial orders in July fueled speculation about the risk of stagflation.
With that in mind, eyes will be on new August US services PMI data, due later on Wednesday. Both the ISM and S&P Global reports are being watched closely for signs of inflation. Also on board is the release of the latest Fed Beige Book.
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