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US STOCKS-Futures ease as focus turns to inflation data
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US STOCKS-Futures ease as focus turns to inflation data
Mar 11, 2024 4:54 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Equitrans Midstream ( ETRN ) up as EQT to buy back firm

*

Crypto stocks advance as bitcoin hits all-time high

*

Futures off: Dow 0.26%, S&P 0.11%, Nasdaq 0.09%

(Updated at 7:00 a.m. ET/ 1100 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 11 (Reuters) -

U.S. stock index futures were marginally lower on Monday, as

investors awaited key inflation data this week that could

provide more cues on the Federal Reserve's monetary policy path

following last week's mixed jobs report.

All three major U.S. stock indexes ended the week lower on

Friday, with the S&P 500 and Nasdaq coming off record highs as

high-flying chip stocks fell and a labor market report showed

more new jobs than expected, while the unemployment rate rose

unexpectedly.

The mixed report bolstered bets of the Fed cutting interest

rates in June. Friday's data even prompted some traders to bet

on a May rate cut.

"We believe the Fed will be inclined to see the employment

release as evidence that the jobs market is becoming less

overheated," Mark Haefele, chief investment officer at UBS

Global Wealth Management, wrote in a morning note.

This week's February data, including consumer prices (CPI),

will offer more clues on whether inflation has eased enough for

policymakers to lower borrowing costs in the coming months.

Sticky inflation data for January and signs of a robust

economy halted the AI-led rally last month, leading traders to

push back bets of the first interest rate cut to June from

March.

Federal Reserve officials are in a media blackout ahead of

their latest rate-setting meeting next week.

At 7:00 a.m. ET, Dow e-minis were down 101 points,

or 0.26%, S&P 500 e-minis were down 5.75 points, or

0.11% and Nasdaq 100 e-minis were down 16.75 points, or

0.09%.

AI-darling Nvidia ( NVDA ) struggled for direction in

premarket trading after a 5.5% drop on Friday, as chip stocks

lost some momentum.

Boeing ( BA ) eased 0.9% after Alaska Airlines said

on Saturday it was cooperating with the U.S. Department of

Justice in a criminal investigation into a Boeing 737 MAX

blowout on one of its flight in January.

Cryptocurrency and blockchain-related firms, including

Coinbase Global ( COIN ), Riot Platforms ( RIOT ) and Marathon

Digital ( MARA ), climbed between 4.5% and 5.9% as bitcoin

hit a fresh record high.

Equitrans Midstream ( ETRN ) jumped 9.2% after EQT Corp ( EQT )

said on Monday it had decided to buy back its former

unit in an all-stock deal.

EQT shares were down 2.2%.

Drugmaker Eli Lilly fell 1.4% after shedding 2.3% in

the previous session.

The 2024 U.S. presidential election is also coming into

focus, with investors bracing for a likely rematch between

President Joe Biden and former President Donald Trump.

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