Stock futures drop after data shows employee costs rising quickly

Stock futures declined following the release of the employment cost index, which showed a significant 1.2% increase in employee costs for the first quarter, surpassing the expected 1% rise. This data, indicating rising costs for employers, adds complexity to predictions about when the Federal Reserve might reduce its benchmark interest rate. Consequently, Dow Jones, S&P 500, and Nasdaq 100 futures all saw decreases of 0.4% to 0.5%.