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Stock futures slip after fresh Dow record, Wall Street looks to inflation data: Live updates

Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 26, 2023 in New York City. 

Michael M. Santiago | Getty Images

Stock futures ticked lower on Monday evening as investors prepared for a key inflation report.

Futures tied to the Dow Jones Industrial Average lost 29 points or 0.07%. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures dropped 0.2%.

Shares of Avis Budget Group slipped more than 2% in extended trading after fourth-quarter revenue missed analyst estimates. JetBlue Airways spiked more than 15% after activist investor Carl Icahn reported a nearly 10% stake in the airline.

In regular trading, the 30-stock Dow closed at a fresh record. The S&P 500 ended the day lower by nearly 0.1%, but the broad-market index just closed above 5,000 for the first time on Friday. The Nasdaq Composite slipped 0.3%. All three of the major averages are riding a five-week winning streak.

“I think if anything, all this talk about how narrow the market has been [is] overstated,” Strategas head of technical and macro research Chris Verrone said on CNBC’s “Closing Bell: Overtime” on Monday. “The small caps are getting better, the equal-weight S&P just made a two-year high, [so] this idea that it’s just been five six or seven stocks driving this whole thing I think is misleading.”

Investors will now look to the January consumer price index report for the latest read on price pressures, due Tuesday morning. The results of the report will likely be closely watched by Federal Reserve officials as they weigh a path forward on rate policy.

Headline inflation is expected to have increased 0.2% month over month and 2.9% from a year earlier, according to economists polled by Dow Jones. Core prices, which exclude volatile food and energy components, are expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.

Earnings on deck for Tuesday include soft drinks giant Coca-Cola, toymaker Hasbro and Marriott International in the morning. Casino operator MGM Resorts and kidney dialysis company DaVita will post results after the close.

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