S&P 500 futures fall sharply after October inflation data

Nov 10 (Reuters) – Futures tied to the S&P 500 fell sharply ​on Tuesday after ‌a hotter-than-expected inflation reading strengthened expectations that the Federal Reserve will keep interest ‌rates ​higher for ⁠longer.

A Labor Department ⁠report showed the Consumer Price Index rose 0.4% on a monthly ​basis, compared with estimates of a ⁠0.3% rise, according ⁠to economists polled ​by Reuters.

Excluding volatile food ​and energy components, core ‌CPI increased 0.3% in October, above expectations of a 0.2% gain.

At ⁠08:32 a.m. ET, Dow E-minis were up 46 points, or ⁠0.09%, ‌and S&P ⁠500 E-minis were down ​26.25 ‌points, or 0.35%. ​Nasdaq ⁠100 E-minis were down 256.5 points, or 0.92%.

(Reporting by Utkarsh Hathi in Bengaluru; Editing by Devika ​Syamnath)