U.S. stock futures plunge as September CPI comes in hotter than expected

U.S. stock futures plunged deep into the red Thursday morning after inflation data for September showed consumer prices advanced by a larger-than-expected margin — dramatically increasing the likelihood that the Federal Reserve will deliver another 75 basis-point interest-rate hike in November, and possibly in December as well. Futures for the S&P 500 ES00, -2.29% were down 55 points, or 1.6%, at 3,530 after trading in the green just minutes before the announcement. Futures for the Nasdaq 100 NQ00, -3.12% shed 304 points, or 2.8%, to 10,550. Futures for the Dow Jones Industrial Average YM00, -1.89% were off 414 points, or 1.5%, at 28,830. Year-over-year CPI retreated to 8.2% last month from 8.3% in August, while the increase in core CPI, which strips out volatile food and energy prices, rose to 6.6% from 6.3%. Both numbers came in higher than economists polled by the Wall Street Journal had expected.