S&P, Nasdaq futures extend gains after inflation data

(Reuters) - S&P and Nasdaq futures moved higher on Monday after a Labor Department report showed U.S. consumer prices rose for the first time in four months in February, but Boeing’s drop for the second day weighed on the Dow futures.

Consumer Price Index (CPI) rose 0.2 percent, in line with estimates from economists polled by Reuters. In the 12 months through February, the core CPI rose 2.1 percent.

“The number is right in line with estimates and that is a positive for markets,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

“It doesn’t require the Fed to raise rates and is very supportive of current stock prices.”

At 8:33 a.m. ET, Dow e-minis were down 26 points, or 0.1 percent. S&P 500 e-minis were up 5 points, or 0.18 percent and Nasdaq 100 e-minis were up 25.5 points, or 0.36 percent.

Moments before the data, Dow e-minis were down 68 points, or 0.27 percent. S&P 500 e-minis were down 0.25 points, or 0.01 percent and Nasdaq 100 e-minis were up 7.5 points, or 0.1 percent.

Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta