US STOCKS-Futures show no relief for Wall St before inflation data
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* Futures drop: Dow 0.80 pct, S&P 0.72 pct, Nasdaq 0.71 pct
* Wall Street coming off its biggest one-day drop since Feb
* CPI expected to have risen 0.2 pct in Sept; Data at 8:30am ET
* 29 of 30 Dow stocks and half of S&P 500 lower premarket
* Walgreens dips, Delta rises after results
By Shreyashi Sanyal
Oct 11 (Reuters) - U.S. stock index futures dropped onThursday, with investors nervously awaiting inflation data, asWall Street's worst daily loss in eight months reverberatedaround the globe.
Rising U.S. inflation has kept the pressure on the FederalReserve to keep raising interest rates at a time when PresidentDonald Trump, concerned to keep the economy humming along hasdescribed the campaign of tightening as "crazy".
That in turn has spurred nerves on the bond market whichpush yields higher, drawing money out of stock markets and intoU.S. Treasuries.
The Consumer Price Index (CPI) increased 0.2 percent inSeptember, after a smaller-than-expected gain in August, LaborDepartment data is expected to show at 8:30 a.m. ET (1230 GMT).
The so-called core CPI, which excludes volatile food andenergy components, is expected to have risen 0.2 percent lastmonth, topping the 0.1 percent gain in August and reverting tolevels in the prior three months.
"The U.S. economy is at risk of overheating and is partlywhat's going to drive volatility up. So with that in mindtoday's CPI comes at a fascinating point," Deutsche Bankstrategist Jim Reid wrote in a note to clients.
Markets were also caught amidst a storm of worries rangingfrom the impact of trade tensions on corporate profits touncertainty related to Hurricane Michael making landfall inFlorida. urn:newsml:reuters.com:*:nL2N1WR076
While U.S. stocks had coped well with rising trade tensionsbetween the United States and China over the past few months,the sharp rise in Treasury yields earlier this month accompaniedby hawkish comments from Fed officials proved to be a tippingpoint that triggered the sell-off on Wall Street.
At 7:14 a.m. ET, Dow e-minis 1YMc1 were down 205 points,or 0.8 percent. S&P 500 e-minis ESc1 were down 20 points, or0.72 percent and Nasdaq 100 e-minis NQc1 were down 50 points,or 0.71 percent.
All 30 of the Dow Jones Industrial Average .DJI memberswere trading premarket, with 29 of down between 0.52 percent and3.07 percent.
Among them WalgreensWBA.O dropped 1 percent after thedrugstore chain's fourth-quarter revenue missed analysts'estimates.
More than half of the S&P 500 .SPX components were tradinglower, with 125 down at least 1 percent. A lot of the declinersincluded technology stocks, which bore the brunt of the sell-offon Wednesday.
The high-growth FAANG group, which has led the three majorU.S. indexes to record highs also dropped, with FacebookFB.O ,AmazonAMZN.O , AppleAAPL.O , NetflixNFLX.O and Alphabet GOOGL.O down between 1.41 percent and 1.95 percent.
Delta Air LinesDAL.N rose 0.8 percent after reporting athird-quarter profit that topped estimates as a strengtheningU.S. economy spurred demand for air travel, helping the airlineraise ticket prices. urn:newsml:reuters.com:*:nL4N1WR3XT
American AirlinesAAL.O was up 1.2 percent, reversing adrop before Delta's results after Britain's competition watchdogsaid it will investigate a partnership involving the company andthree other carriers. urn:newsml:reuters.com:*:nL8N1WR28F
Jack Dorsey-led SquareSQ.N dropped 9.6 percent after thecompany said its financial head Sarah Friar would step down tobecome the chief executive officer of social networking serviceprovider Nextdoor. urn:newsml:reuters.com:*:nL4N1WQ58A (Reporting by Shreyashi Sanyal in Bengaluru; Editing by ShounakDasgupta) ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780 ;Reuters Messaging:Shreyashi.Sanyal.email@example.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.