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US STOCKS-Futures edge lower on caution ahead of inflation report
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US STOCKS-Futures edge lower on caution ahead of inflation report
Sep 11, 2024 5:43 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

*

Harris-Trump debate scheduled for 9 p.m. ET

*

Oracle jumps after Q1 results beat estimates

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Futures down: Dow 0.1%, S&P 500 0.08%, Nasdaq 0.21%

(Updated at 7:00 a.m. ET/1100 GMT)

By Shubham Batra and Shashwat Chauhan

Sept 10 (Reuters) - U.S. stock index futures were

marginally lower on Tuesday as caution prevailed ahead of key

inflation data later this week that could firm up bets on the

size of the interest rate cut that the Federal Reserve is

expected to deliver on Sept. 18.

Apple's ( AAPL ) shares were down nearly 1% in premarket

trading, with China's Huawei launching a tri-fold smartphone

hours after the debut of a new iPhone.

The iPhone maker also lost its fight against an order by EU

competition regulators to pay 13 billion euros ($14.34 billion)

in back taxes to Ireland as part of an EU crackdown against

sweetheart deals between EU countries and multinationals.

The focus this week continues to be on the August inflation

reading on Wednesday that is likely to show a slight moderation

in the headline number to 2.6% on a year-on-year basis, while it

is expected to remain unchanged at 0.2% on month.

The producer prices report will be released on Thursday.

Money markets are all but convinced that the U.S. central

bank will begin its policy easing cycle later this month, with

73% leaning toward a 25-basis point cut and expect the Fed to

ease monetary policy by a total of 100 bps by the end of 2024,

according to CME's FedWatch Tool.

"While most economists appear confident the 25-bps rate cut

will be confirmed on Sept. 18, a significant miss in tomorrow's

CPI report could also affect the rhetoric accompanying the Fed

rate cut," Achilleas Georgolopoulos, an investment analyst at

forex broker XM, said.

Wall Street's main indexes recorded gains of more than 1% on

Monday as investors looked for bargains following a week of

steep losses triggered by worries over the health of the U.S.

economy amid elevated interest rates.

Later on Tuesday, Philadelphia will be center stage when

Kamala Harris and Donald Trump meet in a highly anticipated

televised debate that could weigh heavily on the November

election. The two, who have never met in person, will square off

at 9 p.m. ET (0100 GMT) for a 90-minute debate hosted by ABC

News.

At 07:00 a.m. ET, Dow E-minis were down 39 points,

or 0.1%, S&P 500 E-minis were down 4.25 points, or

0.08%, and Nasdaq 100 E-minis were down 38 points, or

0.21%.

Among other movers, Oracle jumped 8.1% after

beating estimates for quarterly results and forecast

second-quarter revenue growth above expectations, boosted by

growing demand for its cloud offerings.

Hewlett Packard Enterprise ( HPE ) dropped 5.6% after the AI

server maker announced a $1.35 billion mandatory convertible

preferred stock offering to fund its acquisition of Juniper

Networks ( JNPR ).

($1 = 0.9065 euros)

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