Stock futures fell in overnight trading on Tuesday ahead of the key inflation reading.
Futures on the Dow Jones Industrial Average were down about 35 points, or 0.1%. S&P 500 futures fell 0.1% and Nasdaq 100 futures fell 0.1%.
The moves come after the Dow Jones fell for a fourth consecutive day on Tuesday in a choppy trading session that alternates between gains and losses. The S&P 500 is up 0.25% and the Nasdaq Composite is up about 1%.
Big tech names, which have struggled in recent weeks, led the gains on Tuesday. Microsoft and Apple shares rose more than 1%.
Investors are waiting for the release of Consumer Price Index for the month of April Wednesday morning to see the latest temperature check for inflation. The price hike was front and center in mind, especially as the Federal Reserve raises interest rates and shrinks its balance sheet to tackle inflation.
“We’re seeing signs on a monthly basis that inflation is peaking,” Brian Belsky, senior investment analyst at BMO Capital Markets, told CNBC’s “Closing Bell: Overtime.” “But are we going to see some kind of sudden number? That could really move things forward.”
Economists expect the CPI to rise 0.2% from the previous month and 8.1% year-on-year, according to the Dow Jones consensus estimate. This compares with March’s 8.5% year-over-year pace.
Investors are also looking forward to earnings reports from companies including Toyota Motors, Walt Disney and Beyond Meat.
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