CPI In Line With Expectations, Precious Metals Edge Lower, Three Major US Index Futures Fall Then Rise

TradingKey - At 9:25 AM ET, futures for the three major U.S. stock indices edged lower, following the release of February CPI data by the U.S. Bureau of Labor Statistics.

Data showed that U.S. February CPI rose 2.4% year-over-year, in line with expectations, and increased 0.3% month-over-month, higher than the previous 0.2%; U.S. February core CPI rose 2.5% year-over-year, in line with expectations, and climbed 0.2% month-over-month, lower than the previous 0.3%.

The slowdown in core inflation from the previous month suggests that U.S. price pressures had eased before the outbreak of the conflict in the Middle East (the U.S.-Iran conflict).

U.S. inflation has generally trended downward in recent months. However, renewed inflation concerns triggered by the Middle East conflict have pushed up the costs of oil, gasoline, and fertilizers. Federal Reserve officials are expected to maintain interest rates at next week's policy meeting, a forecast made before the conflict broke out.

Since the conflict may push up inflation in the short term, some investors now believe the Fed could maintain interest rates for a longer period. Consequently, gold and silver prices dipped in the short term, with silver maintaining its downward trend, falling nearly 4%.

Regarding individual stocks: Oracle rose over 11% in U.S. pre-market trading as the company's revenue guidance exceeded expectations.

MG7 remained in consolidation during pre-market trading.