Dow futures drop 400 points after hotter-than-expected 8.6% May CPI jump
U.S. stock-index futures extended a fall Friday after an eagerly awaited inflation reading came in much hotter than expected, indicating the Federal Reserve will need to keep pressing hard on the brakes to get surging price pressures under control.
U.S. stocks tracked European equities lower earlier on Thursday after the European Central Bank announced that its first interest-rate hike in more than a decade will take place next month, with another likely in September, in a bid to get surging inflation under control.
The U.S. inflation data comes as a Federal Reserve policy meeting looms for next week. The Bank of England, the Swiss National Bank and the Bank of Japan will also holding meetings next week.
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