Futures pare losses after tame inflation data

U.S. stocks futures pared losses on Wednesday after data showed consumer prices barely rose in May, pointing to moderate inflation that could increase pressure on the Federal Reserve to cut interest rates this year. The Labor Department said its consumer price index edged up 0.1% last month, in line with expectations of economists polled by Reuters. Excluding the volatile food and energy components, the CPI nudged up 0.1% for the fourth straight month.

At 8:32 a.m. ET, Dow e-minis were down 41 points, or 0.16%. S&P 500 e-minis were down 4 points, or 0.14% and Nasdaq 100 e-minis were down 19.5 points, or 0.26%. A few minutes earlier, Dow e-minis were down 56 points, or 0.21%. S&P 500 e-minis were down 6.25 points, or 0.22% and Nasdaq 100 e-minis were down 27.5 points, or 0.37%.