Stock Market Today: Stocks extend slump as Fed rate-cut bets crumble
The S&P 500, now negative for the quarter, faces a stern series of tests heading into the first quarter earnings season.
Check back for updates throughout the trading day
U.S. equity futures extended declines Thursday, while the dollar tested a fresh five-month high against its global peers, as markets remain rattled by yesterday's hotter-than-expected inflation report and the biggest bond market selloff in more than a year.
Updated at 8:38 AM EDT
Factory inflation easing
The Commerce Department's March report on producer price inflation, which, alongside yesterday's CPI data feeds into the Fed's preferred PCE inflation gauge, eased modestly on the month but remained elevated on an annual basis.
The core PPI index quickened by 2.4% compared to last year, just ahead of Street forecasts, while the headline index edged higher, to 2.1%, just under market estimates. Monthly readings were also softer than Street forecasts.
Stocks were modestly higher following the data release, with the Nasdaq turning positive and the S&P 500 paring its pre-market decline to around 4 points.
But Core PPI YoY not so great. 2.4%
Highest since Aug last year pic.twitter.com/1Lp704M7do— Mike Zaccardi, CFA, CMT
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