Oct 14 (Reuters) – Futures tied to the S&P 500 turned negative on Wednesday after a hotter-than-expected inflation reading reduced confidence that the Federal Reserve will keep rates unchanged at its October meeting.
A Labor Department report showed the Consumer Price Index rose 3.7% on an annual basis, above estimates of 3.6%, according to economists polled by Reuters. It increased 0.6% on a monthly basis, compared with estimates of a 0.6% rise.
Excluding volatile food and energy components, core CPI increased 2.6% annually in September versus expectations of a 2.5% rise. On a monthly basis, it rose 0.3%, above estimates of a 0.2% gain.
At 08:33 a.m. ET, Dow E-minis were down 83 points, or 0.16%, S&P 500 E-minis were down 18.75 points, or 0.24%, and Nasdaq 100 E-minis were down 156.5 points, or 0.49%.
(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Devika Syamnath)
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