DJIA futures down 323 points (Il Sole 24 Ore Radiocor) - New York, 14 Jun - US futures were lower as investors turned cautious on the Federal Reserve's latest monetary update after more record highs.

Wall Street closed mainly higher yesterday after more good news on inflation. The S&P 500 and Nasdaq racked up record closing highs for the fourth straight session thanks chiefly to technology gains. The the Dow ended down 0.2%.

Cooler than expected producer prices in May, including negative monthly growth, confirmed the surprise consumer price update of the previous day, indicating inflation was coming down.

An unexpected rise yesterday in the number of Americans filing for jobless benefits in the latest week also brought cheer as a resilient labour market starts to show signs of creaking.

But investors remain wary over interest rates. Earlier this week the Fed acknowledged progress had been made on bringing down inflation but reiterated its mantra that it wanted to see more evidence before pivoting on monetary policy. In its "dot plot" it indicated there would be just one rate cut this year compared to the three it forecast in March.

Stubborn inflation has prompted the Fed to put back the timetable for rate cuts and prompted traders to redraw expectations.

Comments from Chicago Fed President Austan Goolsbee and Fed Governor Lisa Cook today will be closely watched while the University of Michigan's Consumer Sentiment survey for June should provide insight into how business is holding up.

On the stocks front shares in Tesla were up 1.3% in premarket trade after shareholders approved a contentious pay package for its CEO Elon Musk while Adobe was up 14% after beating quarterly profit expectations.

Futures on the Dow Jones were down 323.00 points, or 0.84%, S&P 500 futures were down 33.50 points, or 0.62%, while futures on the Nasdaq were 80.75 points, or 0.41%, lower.

AAA-Sje

(RADIOCOR) 14-06-24 13:56:26 (0338) 5 NNNN