Wall Street Edges Down Ahead of Crucial Inflation Data

Wall Street futures dipped on Thursday as the financial markets brace for crucial U.S. inflation data that could dictate the Federal Reserve's policy actions. Key indices like the S&P 500 and Nasdaq have been on a record-breaking run, driven by gains in major stocks and artificial intelligence-linked companies.

Wall Street futures slipped on Thursday as financial markets braced for a crucial U.S. inflation print that could impact expectations of policy easing by the U.S. Federal Reserve, potentially extending the record-breaking rally in equities.

The S&P 500 achieved its sixth consecutive record close, and the Nasdaq hit a seventh, lifted by gains in heavily weighted stocks and semiconductor firms. Notably, AI-chip leader Nvidia climbed 0.8% in premarket trading after reaching a three-week high on Wednesday.

Other major stocks showed mixed results; Tesla dipped by 0.7%, while Meta Platforms inched up by 0.1%. Wednesday's surge was spurred by Federal Reserve Chairman Jerome Powell's comments that fueled hopes for policy easing in September. However, Powell clarified that any rate-cut decision would depend on economic data. The upcoming Consumer Price Index reading for June will be pivotal in shaping these expectations.