US Futures Slide on Inflation Data and Nvidia Earnings

US stock futures slid on Wednesday ahead of key economic indicators and tech earnings from Nvidia. The S&P 500 pointed 0.1% lower, while Dow Jones Industrial Average futures fell slightly and Nasdaq futures slipped 0.2%. Investors are bracing for the release of July consumer spending data and a revised estimate of second-quarter US economic growth.

The Federal Reserve's preferred measure of inflation has remained above 3% since early this year, exceeding the central bank's target rate. The Commerce Department will issue its second estimate of US economic growth during the second quarter, which showed a sluggish 1.5% pace from April through June due to rising imports.

Nvidia, a bellwether in the artificial intelligence sector, will report quarterly earnings after the market closes. Shares of Nvidia broke out of a seven-day slump on Tuesday but were down slightly before the opening bell. The tech sector has been volatile over growing concerns that AI technology won't produce enough profits for companies.