FX.co ★ US Futures Extend Pullback Ahead of CPI

US stock index futures declined for a second straight session on Tuesday, as renewed concern over higher-for-longer interest rates pushed Treasury yields higher ahead of key inflation data. S&P 500 futures fell about 0.3%, while Dow Jones Industrial Average futures dropped roughly 500 points. In contrast, the recent selloff in semiconductor stocks paused, helping to steady Nasdaq 100 futures.

Energy prices extended their gains after Iran struck tankers transiting the Strait of Hormuz and the US signaled plans to tighten its blockade in response. The risk-off tone was reinforced by hawkish remarks from Federal Reserve Governor Christopher Waller, who cautioned that further rate increases may be necessary to subdue persistently elevated core inflation.

AI-oriented hyperscale tech names traded sharply lower in the premarket, with Microsoft and Oracle each down about 3%, while SpaceX slipped 1%, giving back nearly all of its post-IPO advance. Financials also came under pressure: JPMorgan fell 2.5% despite reporting record quarterly profit, Bank of America lost 0.8% after beating earnings expectations, and Wells Fargo declined 2% even though its results were likewise viewed as better than forecast.