FX.co ★ US Futures Edge Lower on Inflation Fears

US stock futures slipped on Thursday, extending the previous session’s heavy selloff as renewed inflation worries weighed on Wall Street. Oil prices climbed again, with Brent crude hovering near $110 a barrel after fresh attacks on energy infrastructure across the Middle East, as the war involving Iran continued. Sentiment was further rattled by stronger-than-expected US producer price data and higher inflation projections from the Federal Reserve, which together reduced the perceived scope for interest rate cuts. Markets are now pricing in no rate moves from the Fed for the rest of the year, even though policymakers still indicate that a single cut remains on the table. On Wednesday, the Dow dropped 1.63% to its lowest level since November, while the S&P 500 lost 1.36% and the Nasdaq Composite fell 1.46%. In corporate news, Micron Technology declined 5% in after-hours trading, despite posting a sharp increase in quarterly revenue.