Jan 14 (Reuters) - U.S. stock index futures extended gains on Tuesday after producer prices data showed abating inflation pressures, placating worries that the Federal Reserve will be cautious in cutting interest rates this year.
Data from the Labor Department showed the Producer Price Index rose 3.3% on an annual basis in December 2024, compared with the 3.4% rise expected by economists polled by Reuters. On a monthly basis, the index rose 0.2%.
Excluding volatile food and energy components, core PPI increased 3.5% on an annual basis, compared with an expected 3.8% rise.
At 08:31 a.m., Dow E-minis were up 246 points, or 0.58%, S&P 500 E-minis were up 40.5 points, or 0.69% and Nasdaq 100 E-minis were up 172.25 points, or 0.82%
(Reporting by Sukriti Gupta; Editing by Pooja Desai)
((Sukriti.Gupta@thomsonreuters.com;))
