Futures Plunging On Awful Economic Reports

Equity futures are plunging lower after higher inflation and a weak Empire Manufacturing number were just released, sending stocks sharply lower.

May consumer price index (CPI) came in at 0.2%, versus the estimate of 0.1%. Year over year, the CPI rose 3.6%, versus estimates of 3.4%. Excluding food and energy, it came in at 0.3%, versus 0.2% estimates. Excluding food and energy, the CPI rose 1.5% versus estimates of 1.4%.

The June Empire Manufacturing was horrible, coming in well below estimates, and turning negative. It came in at -7.79, versus estimates of 12.00.

Equity futures are plunging, with the Dow off 106 points, the S&P off 12.30 points and the NASDAQ is off 20 points.