US futures slide ahead of key CPI inflation reading

US futures slide ahead of key CPI inflation reading

US stock futures retreated on Tuesday, sliding away from recent highs as investors looked ahead to a crucial inflation update that could shift the needle for interest-rate cuts.

S&P 500 (^GSPC) futures sank 0.4%, after the benchmark faltered Monday in its bid to keep its historic rally above 5,000 going. Futures on the Dow Jones Industrial Average (^DJI) fell 0.1%, losing grip of a record closing high, while those on the tech-heavy Nasdaq 100 (^NDX) dropped 0.6% to pace declines.

Investors get their first look at inflation in 2024 on Tuesday, with the release of the Consumer Price Index for January. The CPI report, a key data input in the Federal Reserve’s policy making, is expected to show headline inflation fell below 3% for the first time since March 2021.

A lower-than-estimate could revive optimism for an early interest-rate cut this year, even after a parade of Fed officials stressed they need to be really convinced inflation is cooling for a pivot on policy.

Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards

Also on deck is the next wave of corporate results in a better-than-expected earnings season. Eyes are on Coca-Cola (KO), Shopify (SHOP), and Airbnb (ABNB) among others, as investors watch for signs of a broadening beyond the “Magnificent Seven” earnings projections to drive market returns.

In other markets, the price of bitcoin (BTC-USD) hovered around $50,000 after the leading cryptocurrency hit the closely watched level for the first time since 2021, seen as a remarkable comeback.

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