S&P 500 futures rose slightly Tuesday as investors await a key inflation report that could inform the path of the Federal Reserve's monetary policy.
Futures for the Dow Jones Industrials faded 34 points, or 0.1%, to 39,200.
Futures for the S&P 500 captured 8.75 points, or 0.2%, to 5,194.
Futures for the NASDAQ gained 67 points, or 0.4%, to 18,283.25.
All eyes are on the February reading of the consumer price index, which is set to be released Tuesday at 8:30 a.m. ET. Economists polled by Dow Jones forecast a monthly gain of 0.4% and a 3.1% year-over-year increase on headline.
The uptick in January's CPI figure rattled the markets and prompted Fed officials to shift their rhetoric afterward to a more cautious tone about easing policy. The current market pricing indicates that the Fed won't cut interest rates at its meeting on March 19-20 or the one on April 30 to May 1.
The technology-led market rally has lost momentum as of late as some of the biggest winners this year retreat. Nvidia lost another 2% Monday, after dropping more than 5% Friday, its largest one-day decline since May 2023.
Some of the other members of the “Magnificent Seven” also pulled back recently. Apple shares have lost 8.5% in the past month, while Alphabet has slid 7.6%. Microsoft has retreated nearly 4% during the same period and Tesla has fallen 8.2%.
In Japan, the Nikkei 225 slid 0.1% Tuesday, while in Hong Kong, the Hang Seng index popped 3.1%.
Oil prices moved up 19 cents to $79.12 U.S. a barrel.
Gold prices fell $11.30 to $2,177.30.