U.S. stock futures plunged deep into the red Thursday morning after inflation data for September showed consumer prices advanced by a larger-than-expected margin — dramatically increasing the likelihood that the Federal Reserve will deliver another 75 basis-point interest-rate hike in November, and possibly in December as well. Futures for the S&P 500
ES00,
were down 55 points, or 1.6%, at 3,530 after trading in the green just minutes before the announcement. Futures for the Nasdaq 100
NQ00,
shed 304 points, or 2.8%, to 10,550. Futures for the Dow Jones Industrial Average
YM00,
were off 414 points, or 1.5%, at 28,830. Year-over-year CPI retreated to 8.2% last month from 8.3% in August, while the increase in core CPI, which strips out volatile food and energy prices, rose to 6.6% from 6.3%. Both numbers came in higher than economists polled by the Wall Street Journal had expected.
