S&P 500 Futures Slip 0.3% as April Inflation Hits 3.8% and Oil Tops $100
Updated
Updated · CNBC · May 11
S&P 500 Futures Slip 0.3% as April Inflation Hits 3.8% and Oil Tops $100
9 articles · Updated · CNBC · May 11
S&P 500 futures fell 0.3% Tuesday, Nasdaq 100 futures lost 0.7% and Dow futures were little changed after April CPI came in hotter than expected.
U.S. consumer prices rose 0.6% in April, lifting annual inflation to 3.8%—above the 3.7% forecast and the highest reading since May 2023.
WTI crude jumped 2% above $100 a barrel and Brent rose 3% past $107, extending Monday's gains as the U.S.-Iran ceasefire frayed and Trump rejected Tehran's latest proposal.
Micron dropped more than 2% in premarket trading after a 37% surge last week and a 6% gain Monday, showing how the inflation-and-oil shock was hitting recent market leaders.
The CPI report underscored how the Iran war's energy shock is feeding back into U.S. inflation, raising the risk that oil stays the dominant market driver for the rest of the year.
The market celebrated the new US-Iran ceasefire, but will it actually reopen the world’s most critical oil chokepoint?
With a hardliner now leading Iran, can the fragile two-week ceasefire prevent a wider global economic crisis?