Stock futures were reported to have surged higher on Thursday after October's consumer price reading raised hopes that inflation had peaked.
Dow Jones futures rose 28 points, or 0.1%. S&P 500 futures added 0.1%, while Nasdaq 100 futures rose 0.2%.
The decline comes amid uncertainty stemming from the US mid-term elections. Markets expect Republicans to take control of the House of Representatives and the Senate on Tuesday. On the other hand, fierce competition remains in Arizona, Georgia and Nevada.
The stock's momentum has worsened since yesterday after crypto exchange Binance said it was pulling out of plans to acquire FTX. This dragged down the tech sector and pulled bitcoin prices to lows last seen in 2020.
The lack of clarity on the election, as well as corporate earnings reports are driving the intraday sell-off, said Chris Zaccarelli, chief investment officer at the Alliance of Independent Advisors.
The October CPI report, released on Thursday shows the annual inflation rate in the U.S. fell more than expected in October, bolstering hopes that the worst post-pandemic price rise is over.
Consumer prices rose 7.7% from a year earlier, down from 8.2% in September and well below the consensus forecast of 8.0%. Current price dynamics are also lower than expected. with overall prices rising just 0.4% in the month, down from 0.6% in September.
