Futures extend losses after hotter-than-expected PPI data

U.S. stock index futures extended losses after hotter-than-expected producer prices data (PPI) stoked fears that the Federal Reserve would stick to its hawkish monetary policy for long.

A Labor Department report showed that monthly producer prices rose 0.7% after a 0.2% fall in the previous month. Economists polled by Reuters expected a 0.4% increase in January.

On an annual basis, inflation cooled to 6% in January from a 6.5% increase in December. Economists were expecting a 5.4% rise.

At 8:33 a.m. ET, Dow e-minis were down 159 points, or 0.47%, S&P 500 e-minis were down 29.25 points, or 0.7%, and Nasdaq 100 e-minis were down 107.25 points, or 0.84%.

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