Dow, S&P 500, Nasdaq futures waver as May inflation print, US-China talks

US stock futures wavered as Wall Street braced for the release of the May inflation report as well as the culmination of US-China trade talks.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) hovered just below baseline.

The May Consumer Price Index (CPI) report is set for release on Wednesday at 8:30 a.m. ET. Analysts expect to see that inflation increased slightly in the month that followed President Trump’s introduction of higher tariff rates. With the Federal Reserve’s next policy meeting next week, investors will be wary of any signs that costs associated with tariffs are being passed onto the consumer.

Read more: The latest on Trump’s tariffs

Meanwhile, on Tuesday in London, representatives from the US and China continued their latest effort at trade talks. Commerce Secretary Howard Lutnick said the second day of negotiations had gone “really, really well,” but with the talks ongoing, Wall Street and the world continue to wait for any details about critical issues such as rare earths and tech.

When the two countries struck a temporary trade agreement in May, stocks surged. Since then, though, relations between the US and China deteriorated as both sides accused each other of violating the deal.

Nevertheless, the upbeat tone surrounding the meetings has helped lift market sentiment. Stocks edged higher on Tuesday, with the S&P 500 and Nasdaq now within striking distance of their all-time closing highs.