Wall Street futures fall ahead of inflation data By Reuters

(Reuters) – U.S. stock index futures fell on Thursday ahead of monthly producer price data that could offer clues as to how long the Federal Reserve will have to keep raising interest rates to rein in stubbornly high inflation. .

Producer prices are expected to have risen 0.4% in January on a monthly basis, according to a Reuters survey of economists, after a 0.4% drop in the previous month.

However, the numbers are expected to have cooled to 5.4% annually, after a 6.2% increase in December.

After a torrid 2022, the major stock indices have rallied this year on optimistic earnings and expectations that the US central bank will switch to smaller rate hikes, prompting investors to buy US stocks. beaten growth.

However, signs of a resilient economy and an acceleration in consumer prices in January have recently raised concerns among traders that the central bank will not pause its aggressive policies anytime soon, let alone cut prices. rates later this year.

The Fed is seen to push the benchmark rate above the 5% mark in May and hold it above those levels through the end of the year.

As of 7:14 am ET, they were down 24 points, or 0.07%, down 6.5 points, or 0.16%, and down 27.25 points, or 0.21%.

Separately, January housing starts and weekly jobless claims data will be released before the opening bell.

Traders will also look at comments from various central bank officials, including Cleveland Fed President Loretta Mester and St. Louis Fed President James Bullard, later in the day to gauge the bank’s tone. on future monetary policy.

Among shares, Cisco Systems Inc (NASDAQ:) rose 3% in premarket trading after the network equipment maker raised its full-year earnings forecast.

Year (NASDAQ:) Inc soared 12.1% after the company forecast first-quarter revenue above Wall Street estimates.

Shopify (NYSE:) Inc fell 9.7% after the Canadian retailer forecast slowing revenue growth for the current quarter despite price hikes and new product launches.