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Futures slide 1% over inflation concerns By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Traders are seen working on the New York Stock Exchange’s floor in New York City (U.S.A.), September 29, 2021. REUTERS/Brendan McDermid

(Reuters] – The U.S. stock market index futures plunged by 1% Wednesday, as higher oil prices fueled fears of rising inflation. A deadlock continued at the U.S. Congress in regards to the ceiling on government debt.

Asian and European stock markets fell earlier today as oil prices rose to a multiyear high of $83 per barrel. This was despite concerns from central banks that they will tighten their monetary policies in order to combat sharp price increases. [MKTS/GLOB]

The U.S. Private Payrolls Data, which is due at 8.15 am. ET. will draw all eyes. ET. ET.

After a Tuesday strong rebound, megacap tech stocks such as Alphabet (NASDAQ) and Facebook (NASDAQ) all fell over 1% in premarket trades.

The stalemate between Republicans and Democrats over the debt limit was not abating. President Joe Biden suggested that his Democrats may make exceptions to the U.S. Senate rule for them to increase the government’s borrowing power without the need to seek Republican support.

At 05.17 a.m. ET fell 337 points or 0.99% and fell 50.5 points or 1.17% respectively. The ET was also lower by 196.75, or 1.34%.

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