Meme stocks flit between gains and losses
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Futures SP up 0.1, Dow up 0.2, Nasdaq down 0.3 Adds comment, updates prices
June 10 Reuters U.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure.
The Labor Department said its consumer price index increased 0.6 last month after surging 0.8 in April. In the 12 months through May, CPI accelerated 5.0 in its biggest yearonyear increase since August 2008.
The jump partly reflected the dropping of last springs weak readings from the calculation. These socalled base effects are expected to level off in June.
The numbers were slightly more than expected, but not way outside of the range … I dont think this going to change the Feds view of keeping rates very low, said Mark Grant, chief global strategist, B. Riley Financial.
SP 500 futures dropped 0.2 immediately after the news, but turned course shortly after. They were last up 0.1.
Focus will now be on the Feds monetary policy meeting next week for more clues about the central banks stance on tapering its massive stimulus.
The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming.
A separate report on Thursday from the Labor Department showed the number of Americans…