Stock futures were little changed in overnight trade on Tuesday ahead of a key inflation reading.
Futures on the Dow Jones Industrial Average lost about 15 points. S&P 500 futures were marginally lower and Nasdaq 100 futures were almost flat.
The moves come after the Dow fell for a fourth straight day on Tuesday in a volatile trading session that alternated between gains and losses. The S&P 500 was up 0.25% and the Nasdaq Composite was up about 1%.
Mega-cap technology stocks, which have struggled for the past few weeks, led to gains on Tuesday. Microsoft and Apple were each up more than 1%.
Investors are awaiting the release of the April CPI on Wednesday morning for the latest temperature check of inflation. Rising prices were the focus, especially as the Federal Reserve hikes interest rates and trims its balance sheet to stave off inflation.
“We’re seeing signs month in and month out that inflation is peaking,” Brian Belski, chief investment strategist at BMO Capital Markets, told CNBC’s “Closing Bell: Overtime” on Tuesday. “But will we see some kind of surprise number? That could really kick things off.”
According to Dow Jones consensus estimate, economists expect CPI to rise 0.2% mom and 8.1% yoy. This compares to March’s 8.5% yoy.
Investors also look to earnings reports from companies like Toyota Motors, Walt Disney, and Beyond Meat.