Stock futures dipped Thursday evening to add to earlier losses across the three major indexes, with jitters over a swift tightening of financial conditions increasing on the heels of a multi-decade high print on inflation.
Contracts on the S&P 500 fell. The index slid by 1.8% earlier on Thursday and the Nasdaq dropped 2.1%, as technology shares came under pressure while Treasury yields spiked. The benchmark 10-year yield broke above 2% for the first time since August 2019.
Stocks sold off and yields climbed after the Bureau of Labor Statistics’ January Consumer Price Index (CPI) showed the biggest annual jump in inflation since 1982.
The surging 7.5% jump in prices escalated calls for the Federal Reserve to raise interest rates more aggressively than previously expected and begin rolling assets off its balance sheet, in moves that would curb liquidity in the financial system and dampen…
