Stock market today: US futures tread water after more hotter-than-expected inflation
US stocks were set to open flat at Friday's opening bell.
Markets closed lower Thursday after another inflation measure came in hotter than expected.
That's dampened hopes for a June interest rate cut from the Federal Reserve.
US futures were muted after another round of hotter-than-expected inflation data gave the Federal Reserve more reason to delay cutting interest rates.
S&P 500 futures were up 0.11% and Dow Jones Industrial Average futures gained 0.13% shortly before 6 a.m. ET. Nasdaq 100 futures traded flat ahead of the bell after the tech-focused index closed lower on Thursday.
The US Dollar Index, which measures the greenback's strength against six other currencies, was up 0.11%.
Yields on 10-year US Treasurys were flat after a dramatic bond sell-off in response to the inflation outlook sent yields up 4.3% on Thursday.
PPI numbers showed that US producer prices were rising faster than expected. Combined with Tuesday's hotter-than-expected CPI data and rising oil prices, investors' hopes for a June rate cut are looking increasingly shaky. Rates are expected to remain unchanged at next week's Fed meeting.
Stocks fell following the news, with tech shares, which are more sensitive to rate expectations, stumbling the most. Tesla and Nvidia both lost ground, dropping by 4.1% and 3.4% respectively.
"With less than a week to go until the next meeting of US central bankers, markets are having to face up to the prospect that the path to a pivot will be a long and winding one," said Danni Hewson, head of financial analysis at AJ Bell.
US industrial production and capacity utilization for February are released later, along with the preliminary University of Michigan consumer sentiment index and the Empire State manufacturing survey for March.
Manufacturing company Jabil is set to report earnings.
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