What to watch today: Futures turn lower after consumer prices remain at four decade highs

What to watch today: Futures turn lower after consumer prices remain at four decade highs

BY THE NUMBERS turned lower Wednesday after the first of two key April inflation reports this week showed consumer prices were still at 40-year highs. The data further raises concern that inflation will remain high as the economy slows. The producer price index for April is set release Thursday. (CNBC) Wall Street saw a Tuesday, with the wiping out a 500-point gain, hitting a session-low down roughly 350 points before closing 84 points lower, a fourth straight down day. The and the were able to close higher, breaking three-session losing streaks. Dow stock (DIS) is set to report earnings after Wednesday's closing bell. (CNBC) IN THE NEWS TODAY The popped back above 3% on Wednesday after the government's rose a stronger-than-expected 8.3% year over year. Removing volatile food and energy prices, so-called core CPI still rose a great-than-expected 6.2%. (CNBC) Inflation has been the single biggest threat to a recovery that began early in the pandemic and saw the economy in 2021 stage its biggest single-year growth level since 1984. The big swings in financial markets recently reflect growing worries that the continues to act too slowly to arrest the spike in inflation. (CNBC) A source of inflation in the