US Stock Futures Slip as Inflation and Trade Worries Loom

US stock futures declined ahead of crucial inflation and economic growth data releases. The S&P 500 futures pointed 0.1% lower before the opening bell, while Dow Jones Industrial Average futures fell slightly. Nasdaq futures dropped 0.2%. Investors are awaiting the release of July consumer spending, or personal consumption expenditures, which serves as the Federal Reserve's preferred measure of inflation. This metric has remained above 3% since early this year, exceeding the central bank's target.

The Commerce Department will also issue its second estimate of US economic growth during the second quarter of this year. The first estimate showed a sluggish 1.5% pace from April through June due to rising imports. A prolonged trade dispute with Canada could raise costs for American businesses and consumers, especially ahead of the midterm elections.

Nvidia's quarterly earnings will be closely watched, as the chipmaker is a bellwether in the artificial intelligence sector. The company has been volatile over growing concerns that AI technology won't produce enough profits. In other markets, Brent crude dropped 2.4% to $85.17 a barrel, and benchmark US crude fell 2.4% to $80.37 a barrel.