Investing.com — U.S. stock futures were marginally lower as investors took a cautious stance ahead of the publication of the January inflation data.
Markets are squarely focused on the January reading of the U.S. consumer price index, a key measure of inflation in the world's largest economy. Overall annual inflation is expected to have further cooled in January, although sticky prices for services are seen bolstering the case for the Federal Reserve to push out possible interest rate cuts.
By 07:45 ET (12:45 GMT), the S&P 500 futures contract had shed 21 points or 0.4%, Nasdaq 100 futures had dipped by 132 points or 0.7%, and Dow futures had slid by 66 points or 0.2%.
The main averages on Wall Street posted a mixed session on Monday. The blue-chip Dow Jones Industrial Average rose by 0.3%, outperforming the benchmark S&P 500, which dipped by 0.1% but remained above the 5,000-point mark it surpassed last week. The tech-heavy Nasdaq Composite closed lower by 0.3%.
The quarterly earnings parade continued on Tuesday, with beverage giant Coca-Cola (NYSE:KO) saying it expects to deliver full-year adjusted organic revenue growth of 6% to 7%. The guidance was just ahead of Bloomberg consensus predictions of 5.9% but slower than the pace registered in 2023, signaling a waning benefit from a recent surge in prices.
Biogen (NASDAQ:BIIB) shares edged down premarket after the company reported lower-than-anticipated profit and revenue in its latest quarter.
Hasbro's (NASDAQ:HAS) stock price tumbled prior to the bell after the company missed consensus estimates on top and bottom lines for its fiscal fourth quarter.
Elsewhere, oil prices ticked up slightly in early European trade on Tuesday prior to the U.S. inflation data and a keyRead more on investing.com