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SNAPSHOT S&P 500 futures edge higher after December CPI data

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Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly

S&P 500 futures rose in choppy trading on Thursday after a key inflation reading came in line with expectations, adding to hopes that the Federal Reserve will take a less aggressive approach at its next policy meeting.

The highly awaited Labor Department’s report showed consumer prices rose 6.5% year-on-year in December, in line with a forecast by economists polled by Reuters.

Money market participants expect an 85% chance of a 25-basis point rate hike by the Fed in February and see rates peaking at 4.91% in June. .

At 8:37 a.m. ET, Dow e-minis were up 66 points, or 0.19%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were down 12 points, or 0.1%.

Moments before the data, Dow e-minis were up 126 points, or 0.37%, S&P 500 e-minis were up 16.25 points, or 0.41%, and Nasdaq 100 e-minis were up 39.75 points, or 0.35%.

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