DJIA futures down 70 points (Il Sole 24 Ore Radiocor) - New York, 11 Jul - US futures were below the flatline ahead of key inflation data that could help cement the case for an interest rate cut this year.

Wall Street ended higher yesterday to break more records boosted by gains in the tech sector. The S&P 500 rose 1% to top the 5,600 mark for the first time while the Nasdaq racked up its seventh straight winning session to post another all-time high. The Dow rose 1.1%.

Economists expect inflation in June to confirm the recent cooling trend, rising 3.1% on the year from last month's 3.3% rate. The June core CPI, which strips out volatile food and energy prices, is expected to grow 0.2% on the month and 3.4% on the year, the same rate as in May.

The Federal Reserve has acknowledged progress in bringing down inflation towards its 2% target rate but has cautioned it wants to see more evidence the easing is sustainable before it starts to cut rates.

In his two days of Congress testimony earlier this week Fed Chair Jerome Powell reiterated the same mantra. But he also said a softening jobs market signalled less pricing-pressure to worry over, raising hopes for a possible pivot on monetary policy soon.

On the stocks front, shares in PepsiCo were down more than 2% in premarket trade after its second-quarter revenue missed expectations while Delta Air Lines fell almost 10% after missing earnings estimates.

Futures on the Dow Jones were down 70.00 points, or 0.17%, S&P 500 futures were down 6.50 points, or 0.11%, while futures on the Nasdaq were 16.50 points, or 0.08%, lower.

AAA-Sje

(RADIOCOR) 11-07-24 13:43:20 (0352) 5 NNNN