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US Stock Futures Edge Lower As Focus Turns To CPI Data

US stock futures fell on Friday evening as profit-taking in the technology sector, particularly in NVIDIA Corporation (NASDAQ:NVDA), led to declines on Wall Street.

The focus turned to the upcoming critical inflation data, with the consumer price index (CPI) data due on Tuesday.

Dow Jones Daily chart

Dow Jones Daily chart

The S&P 500 fell 0.7%, the NASDAQ Composite fell 1.2%, and the Dow Jones Industrial Average closed 0.2% lower.

The market was awaiting the CPI data for more cues on the path of US interest rates and the economy, with expectations of some easing in inflation after the past two months’ outsized CPI readings. However, the core figure was still likely to remain above the Fed’s annual 2% target.

Federal Reserve Chair Jerome Powell and other central bank officials had signalled last week that they were seeking more signs that inflation was weakening before considering cutting interest rates.

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