Nov 10 (Reuters) – Futures tied to the S&P 500 fell sharply on Tuesday after a hotter-than-expected inflation reading strengthened expectations that the Federal Reserve will keep interest rates higher for longer.
A Labor Department report showed the Consumer Price Index rose 0.4% on a monthly basis, compared with estimates of a 0.3% rise, according to economists polled by Reuters.
Excluding volatile food and energy components, core CPI increased 0.3% in October, above expectations of a 0.2% gain.
At 08:32 a.m. ET, Dow E-minis were up 46 points, or 0.09%, and S&P 500 E-minis were down 26.25 points, or 0.35%. Nasdaq 100 E-minis were down 256.5 points, or 0.92%.
(Reporting by Utkarsh Hathi in Bengaluru; Editing by Devika Syamnath)
