U.S. Stock Futures Mixed Ahead of Inflation Report
U.S. stock futures traded sideways as investors awaited January's inflation report, which could provide clues on the Federal Reserve's interest rate plans. Nasdaq futures (NQ=F) gained 0.2%, while S&P 500 futures (ES=F) and Dow Jones futures (YM=F) were flat.
The Consumer Price Index (CPI) for January will be released on Wednesday at 8:30 a.m. ET. Economists expect a 0.3% increase in overall consumer prices from the previous month, a slight moderation from December's 0.4% increase. Core CPI, excluding food and energy, is projected to have risen by 3.1% year-over-year.
Federal Reserve Chair Jerome Powell reiterated the central bank's cautious approach to rate cuts on Tuesday, citing ongoing inflation pressures and policy uncertainties.
Meanwhile, social media company Reddit (RDDT) is set to release earnings after the market closes on Wednesday. Wall Street analysts have high expectations for the firm. Robinhood (HOOD) earnings are also anticipated, as the company's shares recently reached a three-year high.
Amid ongoing trade tensions, a recent survey suggests that trust in President Trump's economic stewardship has declined. Reciprocal tariffs are expected to be implemented against several countries by Friday.
Additional Market News:
* China's MSCI index has removed 20 Chinese stocks from its compilation.
* Wall Street analysts see China's AI sector driving continued stock market gains.
* Alibaba (BABA) shares surged on news of its partnership with Apple in artificial intelligence.