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Alpine Immune surges on Vertex Pharma's $4.9-bln takeover

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March producer prices data due at 8:30 a.m. ET

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Futures down: Dow 0.28%, S&P 0.28%, Nasdaq 0.19%

(Updated at 7:10 a.m. ET/ 1110 GMT)

By Shashwat Chauhan and Shristi Achar A

April 11 (Reuters) - U.S. stock index futures slipped on

Thursday as Treasury yields remained elevated a day after a hot

inflation reading triggered a bruising Wall Street sell-off,

diminishing hopes of a June rate cut by the Federal Reserve.

Wall Street sold off sharply in the last session after data

showed U.S. consumer prices increased more than expected in

March, leading financial markets to deduce that the central bank

might delay cutting interest rates until September this year.

Further fueling concerns, minutes of the central bank's

March meeting showed officials were worried progress on

inflation could have stalled and a longer period of tight

monetary policy might be needed to tame the pace of price

increases.

"The unexpectedly strong expansion in underlying inflation

so far this year has been disappointing. This is likely to lead

the Fed to raise the bar regarding the evidence it wants to see

before easing policy this year," strategists at TD Securities

said in a note.

Several brokerages have shifted their rate-cut outlooks,

with

UBS Global Wealth Management now expecting the Fed to start

cutting interest rates in September, compared to June earlier,

while BNP Paribas anticipates the first cut in July.

Traders currently see a 41% chance of the first rate cut in

July, according to the CME's FedWatch Tool.

Yields across government bonds remained elevated after

Wednesday's spike, with the 10-year note last at

4.5579%, hovering near its highest level since November.

The focus now shifts to the March reading of producer

prices, along with weekly jobless claims data, both due at 8:30

a.m. ET, to gauge the strength of the world's biggest economy.

Traders pared back enthusiasm for monetary policy easing

this year, with bets now showing only about 40 basis points of

cuts expected in 2024, according to LSEG data. This is down from

about 150 bps seen at the start of the year.

Investors will also watch for comments from New York Fed

President John Williams, Richmond Fed President Thomas Barkin

and Atlanta Fed President Raphael Bostic for hints on the

central bank's rate trajectory.

The first-quarter earnings season will pick up pace on

Friday, when a trio of big banks - JPMorgan Chase & Co ( JPM ),

Citigroup ( C/PN ) and Wells Fargo ( WFC ) - is slated to post

quarterly results.

At 7:10 a.m. ET, Dow e-minis were down 107 points,

or 0.28%, S&P 500 e-minis were down 14.5 points, or

0.28%, and Nasdaq 100 e-minis were down 35.25 points, or

0.19%.

Biotech firm Alpine Immune Sciences ( ALPN ) is set to be

acquired by Vertex Pharmaceuticals ( VRTX ) for about $4.9

billion in cash, both companies said. Alpine surged 36.4% in

premarket trading.

Clothing rental subscription service Rent the Runway ( RENT )

jumped 32.8% after a positive full-year forecast.

Albemarle gained 1.4% after Berenberg upgraded the

lithium miner's rating to "buy" from "hold".

CarMax ( KMX ) shed 6.2% after the pre-owned vehicle

retailer posted a nearly 27% drop in fourth-quarter profit, hurt

by decreased profitability from units sold.