Dow, S&P 500, Nasdaq futures stall as key inflation report looms

US stock futures held steady as investors await the release of January’s inflation report for insights into the Federal Reserve’s interest rate plans amid President Donald Trump’s fast-moving economic policy.

Nasdaq futures (NQ=F) crept up 0.2%, while S&P 500 futures (ES=F) and Dow Jones futures (YM=F) remained flat.

The January CPI report is set to be released on Wednesday at 8:30 a.m. ET. Consumer prices are expected to have risen 0.3% over the prior month, a slight deceleration from the 0.4% increase in December. Prices, excluding food and gas, are expected to have climbed 3.1% year-over-year.

On Tuesday, Federal Reserve Chair Jerome Powell addressed Congress and reiterated the central bank’s cautious stance on cutting interest rates amid stubborn inflation and policy uncertainties under Trump.

Reddit (RDDT) is set to announce earnings after-close Wednesday and Wall Street’s expectations for the social media company are sky-high. Investors are also awaiting Robinhood (HOOD) earnings as the company’s stock recently touched a 3-year high.

As tariffs have jostled markets, a report found that trust in Trump’s handling of the economy has been shaken. Reciprocal tariffs are expected to be announced on many countries by Friday this week.