US Index Futures Mixed Ahead of October CPI as Rate Hike Fears Persist

U.S. stock index futures traded mixed Tuesday morning, with S&P 500 futures up 0.05%, Dow futures gaining 0.37%, and Nasdaq 100 futures slipping 0.21% ahead of the October Consumer Price Index release. The cautious tone follows a strong Wall Street rally where the S&P 500 surged 2.3% and the Nasdaq jumped 2.7%. Economists project monthly headline CPI slowed to 0.3% from 0.6%, with core CPI expected at 0.2%. However, markets continue to price an 84% probability of a Federal Reserve rate hike in December, with Governor Christopher Waller favoring a 50-basis-point increase if core CPI hits 0.3% or higher.