A.M. Update

S&P futures are down -1.1% after another hot economic reading, the Producer Price Index (PPI). S&P futures were down about -0.3% ahead of the PPI. After a big surprise decline MoM in December, the Producer Price Index rose 0.7% in January (consensus 0.4%) following a revised 0.2% decline in December (from -0.5%). That is the…