Futures reverse gains as inflation data intensifies rate hike worries
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FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 22, 2022. REUTERS/Brendan McDermid
(Reuters) - U.S. stock index futures turned negative on Friday after a higher-than-expected rise in producer prices in November fanned worries of the Federal Reserve sticking to its policy tightening for longer.
The Labor Department's report showed producer prices edged 7.4% higher last month on an annual basis versus economists' expectations of 7.2%, after an 8% rise in October.
At 8:31 a.m. ET, Dow e-minis were down 149 points, or 0.44%, S&P 500 e-minis were down 21.75 points, or 0.55%, and Nasdaq 100 e-minis were down 96 points, or 0.82%.
(Reporting by Ankika Biswas in Bengaluru; Editing by Saumyadeb Chakrabarty)
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