Ahead of Tuesday’s open, U.S. stock futures were in retreat, with investors bracing for April’s consumer price index data and monitoring a continued climb in oil prices after Wall Street had closed at record highs the day before.
Among the major indexes, Nasdaq 100 futures led declines with a 0.7% drop, while S&P 500 futures were off 0.3%
Dow Jones Industrial Average futures shed 46 points, equivalent to a 0.1% loss. On the inflation front, a Dow Jones survey of economists points to a 3.7% year-over-year rise in the April CPI, a pickup from March’s 3.3% reading, along with a 0.6% gain versus the prior month. The report is set for release at 8:30 a.m.
ET. Oil prices added to the day’s pressure on equities. The oil rally, which carried WTI futures to $101.01 per barrel — a 3% jump — and pushed Brent crude above $108, carried forward the momentum from Monday, when President Donald Trump cast doubt on the durability of the month-old U.S.-Iran ceasefire, calling it “unbelievably weak” and saying it was “on massive life support” after he turned down a counteroffer from Tehran.