US Stock Futures Fall as Market Awaits PCE Inflation and Nvidia Results

U.S. stock futures declined on Tuesday evening as investors became cautious ahead of key inflation data and Nvidia's quarterly results. The S&P 500 Futures ticked down 0.2% to 7,677.25 points, while the Dow Jones Futures traded 0.1% lower at 53,619.0 points.

The market's focus shifted to Wednesday's release of the July Personal Consumption Expenditures (PCE) inflation report, which is closely watched by the Federal Reserve. Economists expect headline PCE inflation to ease to 3.6% year-on-year from 3.7% in June, while core PCE inflation is forecast to remain at 3.3%. Boston Fed President Susan Collins said that if inflation fails to continue declining, the central bank may need to raise interest rates soon.

Nvidia's results will also provide a major test for the market's enthusiasm over artificial intelligence and elevated technology valuations. Investors will focus on demand for AI infrastructure and the chipmaker's outlook amid concerns around AI-related spending.