U.S. stock index futures slipped on Monday as surging commodity prices added to inflation worries, which could cloud the earnings season set to start with Wall Street banks later this week. Rising raw material costs, labor shortages, and other supply chain bottlenecks have raised concerns of elevated prices denting corporate profit. U.S. oil rose nearly 3 percent and touched a seven-year high as an energy crisis gripping the major economies showed no sign of easing. But it lifted shares of Chevron Corp., Exxon Mobil Corp., and APA Corp. between 1.2 percent and 3 percent in premarket trading. Mega-caps Apple Inc., Microsoft Corp., and Amazon.com Inc. fell between 0.6 percent and 0.8 percent. “There are undoubtedly significant risks to growth borne out of the recent rise in prices, with surging natural gas prices bringing the potential for sharp increases to both energy and food expenses,” Joshua Mahony, senior market analyst at …
Futures Dip as Oil Rally Fuels Inflation Worries
October 11, 2021
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