May 13 (Reuters) – S&P 500 futures turned negative on Wednesday after data showed producer prices rose more than expected in April, reinforcing expectations that the Federal Reserve will keep interest rates unchanged this year. A Labor Department report showed the Producer Price Index stood at 6% on an annual basis in April, compared with […]
Business
S&P 500 futures turn negative after April PPI data
Audio By Carbonatix
May 13 (Reuters) – S&P 500 futures turned negative on Wednesday after data showed producer prices rose more than expected in April, reinforcing expectations that the Federal Reserve will keep interest rates unchanged this year.
A Labor Department report showed the Producer Price Index stood at 6% on an annual basis in April, compared with 4.9% reading expected by economists polled by Reuters.
On a monthly basis, it rose 1.4% compared with an estimated 0.5% rise.
Excluding volatile food and energy components, core PPI stood at 5.2% on an annual basis, compared with an estimate of 4.3%. It rose 1% on a monthly basis versus estimates of a 0.3% rise.
At 08:32 a.m., Dow E-minis were down 270 points, or 0.54%, and S&P 500 E-minis were down 3.75 points, or 0.05%. Nasdaq 100 E-minis were up 125.5 points, or 0.43%.
(Reporting by Utkarsh Hathi in Bengaluru; Editing by Arun Koyyur)