Stock market today: US futures in holding pattern in wait for CPI
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US stocks were stuck in a holding pattern on Tuesday as investors bided their time until a key inflation report lands and potentially sheds light on the path of interest rates. Futures tied to the Dow Jones Industrial Average, the S&P 500, and the tech-heavy Nasdaq 100 were all trading just below the flatline. Investors have become increasingly less convinced the Federal Reserve will deliver on the three rate cuts it has projected for this year, given the persistent show of strength in the US economy. Rising metals prices have sparked concerns about a feed-through effect on inflation. Another catalyst on the horizon is the start of first-quarter earnings season. Teens are tightening up their spending, with teen “self-reported” spending falling 6% year over year to $2,263. Spending on beauty hit the highest level since spring 2018. Total shipments of desktops and notebooks grew 3.2% annually to 57.2 million units in the first quarter.
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