Stock futures were little changed in overnight trading on Tuesday ahead of the headline inflation reading.
Futures on the Dow Jones Industrial Average fell about 15 points. S&P 500 futures were slightly lower, and Nasdaq 100 futures were close to flat.
The moves come after the Dow Jones fell for a fourth consecutive day on Tuesday in a choppy trading session that alternates between gains and losses. The S&P 500 is up 0.25% and the Nasdaq Composite is up about 1%.
Big tech names, who have struggled in recent weeks, led the gains on Tuesday. Microsoft and Apple shares rose more than 1%.
Investors are waiting for the release of Consumer Price Index for the month of April Wednesday morning to see the latest temperature check for inflation. The price hike has been in the foreground, especially as the Federal Reserve raises interest rates and shrinks its balance sheet to tackle inflation.
“We’re seeing signs on a monthly basis that inflation is peaking,” Brian Belsky, chief investment analyst at BMO Capital Markets, said in an interview with CNBC’s “Closing Bell: Overtime” on Tuesday. “But are we going to see some kind of sudden number? That could really move things forward.”
Economists expect the CPI to rise 0.2% from the previous month and 8.1% year-on-year, according to the Dow Jones consensus estimate. This compares with March’s 8.5% year-over-year pace.
Investors are also looking forward to earnings reports from companies including Toyota Motors, Walt Disney and Beyond Meat.