US October CPI rises 0.4%, topping expectations and pulling S&P 500 futures lower

U.S. equity futures fell on Tuesday, with S&P 500 futures sliding 0.5% and Nasdaq 100 futures dropping 1.15%, after October consumer inflation data printed hotter than expected. The Bureau of Labor Statistics reported headline Consumer Price Index increased 0.4% month-over-month, exceeding consensus expectations of 0.3%, while core CPI rose 0.3% against 0.2% forecasts. Ahead of the release, equities had rebounded, with the S&P 500 gaining 2.3% on Monday. Following the print, the 10-year Treasury yield rose 6.5 basis points to 4.93% as persistent inflation fueled expectations of Federal Reserve interest rate hikes at its December meeting.