US stock futures fall as investors await key inflation report
U.S. stock futures point to a lower open as investors await a key inflation report, due before the market opens.
April's annual consumer price index is expected to remain at 2.4% from March, according to the Dow Jones consensus. Core inflation, excluding the volatile food and energy sectors, is also expected to be unchanged at a 2.8% annual rate.
At 6:45 a.m. ET, futures linked to the blue-chip Dow index fell -0.28%, while broad S&P 500 futures dropped -0.29% and tech-laden Nasdaq futures slipped -0.30%.
"It's possible that a hotter-than-expected inflation report could cause a bit of an equity market pullback," said BeiChen Lin, senior investment strategist at Russell Investments.
A pullback would come off the heels of a strong rally on Monday after the U.S. and China announced a 90-day pause on reciprocal tariffs. Effective from Wednesday, the U.S. will temporarily reduce tariffs on China to 30%, down from 145%, and China will reduce tariffs on U.S. goods to 10%, down from 125%. The S&P 500 touched a more than two-month high and the Dow soared more than 1,100 points.
Cryptocurrency exchange Coinbase is joining the S&P 500, replacing Discover Financial, which is being acquired. The change will be effective before the start of trading on May 19. It will be the first crypto company to join the broad market index.
Hetrtz reported a wider-than-expected quarterly loss and warned of cooling demand.
Electric air taxi company Archer Aviation reported better-than-expected quarterly results.
Rigetti Computing's sales in the first three months of the year fell short of estimates.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures fall as investors await key inflation report
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