US pre-open: Futures lower ahead of CPI reading
Wall Street had stocks opening lower yet again on Wednesday after the Dow Jones experienced its worst day since February in the previous session.
As of 1230 BST, Dow Jones futures were down 0.36%, while S&P 500 and Nasdaq-100 futures were 0.44% and 0.62% lower, respectively.
The Dow closed 473.66 points lower on Tuesday despite big-name tech stocks staging a late reversal.
Tech shares were again under pressure before the opening bell, with the likes of Alphabet, Microsoft, Netflix, Facebook and Apple all trading lower.
Chipmakers Nvidia and AMD were also in the red, as were economic reopening plays such as Carnival, Boeing and United Airlines.
Wednesday's main focus will be key inflation data from the Bureau of Labor Statistics, with April's consumer price index expected to have grown 0.2% month-on-month, marking a 3.6% jump year-on-year in the headline consumer price index, its largest in almost 10 years.
SpreadEx's Connor Campbell said: "Given that Monday and Tuesday's losses can in large part be explained by fears of surging inflationary pressures, the trading landscape could look very different once the figure has been released.
"Estimates suggest the incoming numbers could ease investors' concerns, as the headline figure is set to drop from 0.6% to 0.2% month-on-month. Yet the Dow Jones still seems uneasy, with the futures at present suggesting a 0.2% decline. Again, that'll likely change once the CPI readings are released. One thing that may limit the ameliorating impact of Wednesday's inflation data is that it won't reflect May's rocketing commodity prices, a principal reason behind the recent resurgence in investors' fears."
On the macro front, the inflation report will be released at 1330 BST, while the Federal government's April budget statement will follow at 1800 BST.
Federal Reserve presidents Richard Clarida, Raphael Bostic and Patrick Harker will all deliver speeches throughout the course of the day.