Salem Radio Network News Thursday, December 8, 2022

Business

Futures erase gains as August PCE data lifts rate hike worries

(Reuters) – U.S. stock index futures fell sharply on Friday, erasing all earlier gains as core personal consumption expenditure price index rose more than expected in August, adding fuel to more aggressive action by the Federal Reserve.

At 8:34 a.m. ET, Dow e-minis were down 63 points, or 0.22%, S&P 500 e-minis were down 6 points, or 0.16%, and Nasdaq 100 e-minis were down 30 points, or 0.27%.

Moments before data, Dow e-minis were up 93 points, or 0.32%, S&P 500 e-minis were up 18.25 points, or 0.5%, and Nasdaq 100 e-minis were up 60.5 points, or 0.54%.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)

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