Thursday September 14th


US stock futures fall after strong CPI print

U.S. stock index futures pointed to a lower open on Thursday as traders digested strong inflation data. Dow Jones industrial average futures fell 21 points, while S&P 500 and Nasdaq 100 futures declined 5 points and 24.25 points, respectively. The consumer price index rose 1.9 percent in August on a year-over-year basis, more than expected. The three major indexes all closed at records Tuesday. The S&P 500 edged to a high of 2496, a short hop from 2500, which is a key psychological level that could bring in more buyers in the next couple of days. The latest rally got another boost on Tuesday when Treasury Secretary Steven Mnuchin discussed the Trump administration's goal of achieving tax reform, and possibly making it effective this year. Mnuchin was interviewed at the Delivering Alpha conference, a CNBC and Institutional Investor production. In Europe, the Stoxx-600 index was flat on Thursday. In Asia, the Shanghai Composite in China closed 0.38 percent lower, while the Nikkei in Japan closed 0.29 percent lower. In oil markets, Brent crude traded at around $55.50 a barrel on Thursday, up 0.5 percent, while U.S. crude was around $49.82 a barrel, up 1.1 percent. Oil prices rose on Thursday after the International Energy Agency (IEA) projected faster than anticipated oil demand for the remainder of the year. Robust second-quarter demand has buoyed oil markets, which have been struggling to rebalance as a supply glut has weighed heavily on prices, the IEA said in its September report released Wednesday. Gold edged down on Thursday to its lowest in nearly two weeks on waning risk aversion, and as the dollar steadied ahead of U.S. consumer inflation data that could offer clues on the timing of further interest rate hikes. Spot gold was down 0.1 percent at $1,321.24 an ounce by 0620 GMT, after earlier dropping to its lowest since Sept. 1 at $1,318.75. U.S. gold futures for December delivery fell 0.2 percent at $1,325.10 an ounce.