U.S. stock futures are flat after Dow drops nearly 300 points. On Tuesday night, U.S. stock futures were flat amid growing concerns about the state of the economic recovery and the next action by the Federal Reserve.
Dow Jones Industrial Average futures edged 8 points higher, or 0.02%. S&P 500 and Nasdaq 100 futures rose 0.05% and 0.08%, respectively.
During regular trading Tuesday, the Dow slipped 292.06 points, or 0.8%, to 34,577.57, after it posted a five-day losing streak on Monday. The S&P 500 dropped 0.6% to finish at 4,443.05 and the Nasdaq Composite fell 0.5% to 15,037.76.
The Labor Department released data showed a smaller-than-expected rise in U.S. inflation for the month of August. Consumer prices jumped 5.3% from a year ago and 0.3% from July. The consumer price index, excluding food and energy, rose just 0.1% for the month.
“The Federal Reserve will probably delay slowing its purchase of Treasury and mortgage-backed securities despite slight indications that the price increase in durable goods is transitory, as illustrated by the reduction in used car prices,” said Dawit Kebede, senior economist at Credit Union National Association. “This is because we are far from maximum employment.”
United Airlines tumbled 2.1% and Bank of America fell 2.6%. General Electric lost 3.9%.
Apple shares declined almost 1% after the company unveiled the iPhone 13 at its annual product unveiling event.
U.S. import and export prices and mortgage applications data is expected to be released Wednesday.