U.S. stock index futures were steady in the evening on Tuesday as investors awaited key consumer inflation data, which could influence future interest rate cuts. Wall Street saw gains earlier due to a softer-than-expected producer inflation report, helping U.S. indices recover from recent losses. The S&P 500 Futures dipped slightly, Nasdaq 100 Futures held steady, and Dow Jones Futures fell 0.1%.
Attention is on the upcoming consumer price index (CPI) data, expected to show a slight easing in inflation for July. This, along with the recent producer price index (PPI) reading, could lead to deeper interest rate cuts by the Federal Reserve in September. Current market bets lean slightly towards a 50 basis point cut.
Wall Street reached near two-week highs on Tuesday, with significant gains in the S&P 500, NASDAQ Composite, and Dow Jones Industrial Average. The rally was fueled by lower interest rate expectations and buying in technology and economically sensitive sectors.
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