US Markets Slip Ahead of Inflation Data as Nvidia Earnings Loom

US markets are poised to slide ahead of critical inflation and economic growth data releases. The S&P 500 futures slipped by 0.1% before the opening bell, while Dow Jones Industrial Average and Nasdaq futures fell slightly and 0.2%, respectively.

The Federal Reserve's preferred measure of inflation has remained above 3% since early this year, which is uncomfortably high compared to its target. Investors will receive an update on July consumer spending when the US releases its report on personal consumption expenditures today.

Nvidia, a leading chipmaker and AI sector bellwether, will also release its quarterly earnings after the market closes. The tech sector has been volatile in recent months due to concerns about profit generation from artificial intelligence technology.

The trade war between the US and Canada escalated sharply yesterday, with Canada imposing retaliatory tariffs on $20 billion worth of American goods. This could lead to higher costs for American businesses and consumers before the midterm elections less than 2½ months away.