LIVE MARKETS-US stock futures a bit less red after data releases

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U.S. STOCK FUTURES A BIT LESS RED AFTER DATA RELEASES

The main U.S. equity index futures are down slightly on the day, but off earlier lows, in the wake of the latest data on U.S. producer prices and jobless claims. E-mini S&P 500 futures EScv1 are now down around 0.2% vs loss of around 0.4% just before the numbers came out.

February headline PPI month-over-month and year-over-year came in cooler-than-expected. The month-over-month and year-over-year ex-food and energy prints were also below estimates.

Initial jobless claims were 220k vs a 225k estimate:

According to the CME's FedWatch Tool, the probability that the Fed sits on its hands and leaves its current target rate of 4.25%-4.50% unchanged at its March 18-19 FOMC meeting is unchanged at around 97%. The chance that the FOMC cuts rates by 25 basis points is 3%.

Looking out further out into 2025, the market is still showing a bias for three rate cuts to occur, one in June, September and December, for a total of around 67 basis points.

The U.S. 10-Year Treasury Yield US10YT=RR is now around 4.33%. It was around 4.33% just before the data was realeased. The yield ended Wednesday at 4.3160%.

A majority of S&P 500 index .SPX sector SPDR ETFs are quoted lower in premarket trade. Real estate XLRE.P, off only around 0.6%, is taking the biggest hit.

The SPDR S&P regional banking ETF KRE.P is flat ahead of the open.

Of note, both the S&P 500 index .SPX and the Nasdaq composite .IXIC gained on Wednesday. However, since the S&P 500 index's February 19 record close, both it, and the composite, have failed to score back-to-back up days. Thus, traders will be watching to see if the market will right itself once the regular trading day kicks off, and whether these indexes will be able to break this pattern at the close.

In any event, the S&P 500 ended Wednesday down 8.87% from its February 19 record close. The Dow .DJI finished off 8.14% from its December 4 record close and the Nasdaq ended down 12.52% from its December 16 record close.

Here is a premarket snapshot from around 08:55 a.m. EST:

(Terence Gabriel)

FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

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NOTHING LAST FOREVER, BUT THE GOLD RALLY MIGHT TRY - CLICK HERE

EUROPEAN EQUITY VOLATILITY AT ONE-WEEK LOW - CLICK HERE

BREATHING SPACE - CLICK HERE

MORNING BID: TARIFF WORRIES WEIGH AS CPI CHEER FADES - CLICK HERE