US stock futures traded mixed on Tuesday as investors braced for key economic data and the highly anticipated Anthropic IPO. The market's focus shifted to the upcoming Consumer Price Index (CPI) report, which could influence the Federal Reserve's next move on interest rates.
The S&P 500 Index dropped 0.4%, with the technology sector leading the decline. Shares of Nvidia Corp. extended their selloff, dragging down peers like Microsoft Corp. and Apple Inc.. Meanwhile, Skydance Corp. shares plummeted following its third-quarter earnings release. The tech-heavy Nasdaq 100 fell 0.6%, while the Dow Jones Industrial Average lost 0.3%.
Treasury yields surged after Federal Reserve officials hinted at potential rate hikes in response to stronger-than-expected inflation data. This shift in sentiment weighed on equities, particularly in the tech sector. Crude oil prices also saw volatility, with West Texas Intermediate trading around $86 a barrel after paring earlier losses.