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Stock market today: US futures slide ahead of key CPI inflation reading

Karen Friar · Editor
Tue, February 13, 2024 at 6:58 AM EST

US stock futures retreated on Tuesday, sliding away from recent highs as investors looked ahead to a crucial inflation update that could shift the needle for interest-rate cuts.

S&P 500 futures sank 0.4%, after the benchmark faltered Monday in its bid to keep its historic rally above 5,000 going. Futures on the Dow Jones Industrial Average fell 0.1%, losing grip of a record closing high, while those on the tech-heavy Nasdaq 100 dropped 0.6% to pace declines.

Investors get their first look at inflation in 2024 on Tuesday, with the release of the Consumer Price Index for January. The CPI report, a key data input in the Federal Reserve's policy making, is expected to show headline inflation fell below 3% for the first time since March 2021.

A lower number than expected could revive optimism for an early interest-rate cut this year, even after a parade of Fed officials stressed they need to be really convinced inflation is cooling for a pivot on policy.

Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards

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