DJIA futures up 90 points (Il Sole 24 Ore Radiocor) - New York, 11 Jul - US futures turned higher after key data showed inflation had fallen in June for the first time since 2020.

The consumer-price index fell 0.1% from the previous month and rose 3.0% from a year earlier, the Labor Department said.

That compared to market expectations for an 0.1% monthly growth and 3.1% yearly rate.

Core prices, which exclude volatile food and energy items, climbed 3.3%, below forecasts of 3.4%.

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.

Futures on the Dow Jones were up 90.00 points, or 0.22%, S&P 500 futures were up 15.00 points, or 0.26%, while futures on the Nasdaq were 68.75 points, or 0.33%, higher.

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(RADIOCOR) 11-07-24 14:54:20 (0432) 5 NNNN