S&P 500 futures fall sharply after October inflation data

Futures tied to the S&P 500 fell sharply on Tuesday after a hotter-than-expected inflation reading strengthened expectations that the Federal Reserve will keep interest rates higher for longer.

A Labor Department report showed the Consumer Price Index rose 0.4 percent on a monthly basis, compared with estimates of a 0.3 percent rise, according to economists polled by Reuters.

Excluding volatile food and energy components, core CPI increased 0.3 percent in October, above expectations of a 0.2 percent gain.

At 08:32 a.m. ET, Dow E-minis were up 46 points, or 0.09 percent, and S&P 500 E-minis were down 26.25 points, or 0.35 percent. Nasdaq 100 E-minis were down 256.5 points, or 0.92 percent.

Reuters

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