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Futures off: Dow 0.35%, S&P 0.20%, Nasdaq 0.19%
March 11 (Reuters) - U.S. stock index futures slipped on
Monday, as investors awaited key inflation figures this week
that could provide cues on the Federal Reserve's monetary policy
path, after a mixed jobs data reinforced expectations that it
will begin easing by mid-year.
Wall Street ended the week lower on Friday as high-flying
chip stocks fell from all-time highs and a labor market report
showed more new jobs than expected while the unemployment rate
also unexpectedly rose.
The mixed report bolstered bets of a Fed interest rate cut
in June. Some traders even bet on a May rate cut after Friday's
data.
This week's February data including consumer prices (CPI)
will offer more cues on whether inflation has eased enough for
policymakers to lower borrowing costs in coming months.
Sticky inflation data for January and signs of a robust
economy halted the AI-led rally last month and led traders to
push back bets of the first interest rate cut to June from
March.
At 05:00 a.m. ET, Dow e-minis were down 135 points,
or 0.35%, S&P 500 e-minis were down 10.25 points, or
0.2%, and Nasdaq 100 e-minis were down 33.5 points, or
0.19%.
Nvidia rose 1.2% in premarket trading, following a more than
5% drop on Friday as chip stocks lost some momentum.
Other chip stocks including Qualcomm ( QCOM ) and Broadcom ( AVGO )
were down 0.5% and 0.8%, respectively.
Boeing ( BA ) eased 0.8% after a report that U.S. Justice
Department has opened a criminal investigation into the
planemaker's 737 MAX blowout on an Alaska Airlines flight.
LATAM Airlines flight LA800, a Boeing 787-9 Dreamliner, told
the New Zealand Herald that a "technical problem" had caused a
"strong movement" during a flight from Sydney to Auckland,
hurting at least 50 people.
Cryptocurrency and blockchain-related firms including
Coinbase Global ( COIN ), Riot Platforms ( RIOT ) and Marathon
Digital ( MARA ) climbed between 4.5% and 5.6% as bitcoin
hit a fresh record high.
Eli Lilly ( LLY ) fell 1.7%, after shedding 2.3% in the
previous session.
The 2024 U.S. presidential election is also coming into
focus, with investors bracing for a likely rematch between
former president Donald Trump and incumbent president Joe Biden.