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* Futures down: Dow 0.56%, S&P 0.37%, Nasdaq 0.29%
By Medha Singh
May 13 (Reuters) - U.S. stock index futures fell for the
fourth session on Thursday as investors awaited producer prices
data, another inflation gauge, to see if a rise in prices would
be strong enough to prompt a sooner-than-expected increase in
interest rates.
The Labor Department's data is likely to show U.S. producer
prices rose 0.3% last month after a gain of 1% in March. A
separate report is expected to indicate claims for U.S.
unemployment benefits was below 500,000 in the latest week, for
the third time in a row.
A surge in commodity prices, labor shortage along with a
much stronger-than-expected consumer prices data this week have
stoked concerns that the U.S. Federal Reserve might consider
pulling back its crisis levels of support despite its
reassurances that the rise in prices to be temporary.
Losses this week have pulled the S&P 500 4% off its record
closing high on Friday, while the tech-heavy Nasdaq is about 8%
below its April 29 all-time high.
The CBOE volatility index .VIX , a measure of investor
anxiety, has surged to its highest levels in more than two
months to 27.63 points.
At 6:37 a.m. ET, Dow e-minis 1YMcv1 were down 189 points,
or 0.56%, S&P 500 e-minis EScv1 were down 15 points, or 0.37%,
and Nasdaq 100 e-minis NQcv1 were down 37.25 points, or 0.29%.
Shares in oil major Exxon Mobil XOM.N and copper miner
Freeport-McMoran FCX.N dropped, tracking a fall in commodity
prices, while lenders, including Bank of America BAC.N and
Goldman Sachs GS.N fell 0.8% and 1.7% in premarket trading.
Dating app owner Bumble Inc BMBL.O slipped 1% despite
forecasting current-quarter revenue above estimates. The stock
has shed about 19% of its value in the past three sessions.
Walt Disney's DIS.N shares dropped 1.6% ahead of its
second-quarter results due after the closing bell.
Tesla Inc TSLA.O shed 1.5% as its chief executive, Elon
Musk, said the company will no longer accept bitcoin for car
purchases, a swift reversal in the company's position on the
cryptocurrency. Bitcoin prices BTC=BTSP clawed back some
losses after Musk's comment shaved 13% off its value on
Wednesday.