US futures pause as attention shifts to inflation figures

US stock futures were steady on Tuesday, with tech stocks shining bright as Wall Street geared up for a crucial inflation report that the Federal Reserve is closely monitoring. S&P 500 futures edged up 0.1%, while Nasdaq 100 contracts rose 0.2%, following solid gains on Friday. However, Dow Jones Industrial Average futures slipped 0.1%.

After a volatile week, traders are back in action post the Memorial Day break, with conflicting sentiments on rate cuts and AI advancements. Nvidia led the charge in tech stocks, with a 3% gain in premarket trading following strong post-earnings performance.

Investors are now eagerly awaiting the release of the Federal Reserve’s preferred PCE gauge on Friday, as Fed officials emphasize the need for concrete evidence of cooling inflation to trigger any policy changes. With data on first quarter GDP and consumer confidence due later in the week, market watchers are on high alert for potential catalysts.

In individual stock movements, GameStop saw a surge of over 25% in pre-market trading after announcing nearly $1 billion in share sales during the meme stock rally in May. Meanwhile, Apple rose nearly 2% on reports of a 50% jump in iPhone sales in China in April.

As the market braces for more developments, the focus remains on inflation data and its implications for future Fed policy decisions. Stay tuned for more updates as the week progresses.