© Reuters. A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., November 11, 2022. REUTERS/Andrew Kelly
(Reuters) - U.S. stock index futures sharply extended gains on Tuesday as U.S. producer prices rose lesser than expected in October, boosting expectations that the Federal Reserve would shift to smaller interest rate hikes.
The Labor Department's producer prices index rose 8% in the 12 months through October, lower than an estimated 8.3% rise. Producer prices had increased 8.5% in September.
At 8:32 a.m. ET, Dow e-minis were up 368 points, or 1.1%, S&P 500 e-minis were up 69.25 points, or 1.75%, and Nasdaq 100 e-minis were up 310.25 points, or 2.64%.
Moments before data, Dow e-minis were up 190 points, or 0.57%, S&P 500 e-minis were up 41.25 points, or 1.04%, and Nasdaq 100 e-minis were up 192.75 points, or 1.64%.
We read at: Investing.com