Wall Street futures steady ahead of July retail inflation data

US stock futures steady ahead of July inflation data; Asia-Pacific markets mostly higher

US stock futures were little changed on Tuesday as investors awaited the July consumer price index (CPI) report for cues on the Federal Reserve’s interest rate path. Dow Jones Industrial Average futures slipped 17 points, or less than 0.1%, while S&P 500 and Nasdaq 100 futures also eased marginally.

Economists polled by Dow Jones expect headline CPI to rise 0.2% month-on-month and 2.8% year-on-year in July, while core CPI — excluding food and energy — is forecast to climb 0.3% from June and 3% on an annualised basis. The report comes as the S&P 500 trades near record highs and the market prices in an 87% probability of a rate cut in September, according to CME FedWatch Tool data.

On the trade front, President Donald Trump said he would extend a 90-day pause on higher tariffs for Chinese goods, and signalled he was open to allowing Nvidia to sell a downgraded version of its most advanced AI chip, Blackwell, to China.

In corporate news, Circle Internet Group jumped 7% in early trade after reporting a 53% surge in second-quarter revenue to $658.1 million, driven by growth in its USD Coin (USDC) stablecoin. Hanesbrands shares soared nearly 30% following a report that Gildan Activewear is close to acquiring the T-shirt maker for almost $5 billion, even as Gildan stock fell 7%.

Global equities firmed after US President Donald Trump agreed to extend a 90-day pause on higher tariffs for Chinese goods, citing progress in talks to address trade imbalances and economic security concerns. The White House said Beijing “continues to take significant steps” toward remedying non-reciprocal arrangements.

Asia-Pacific markets

Asian shares mostly ended higher on Tuesday. Japan’s Nikkei 225 surged 2.15% and the broader Topix gained 1.39%, while Australia’s S&P/ASX 200 rose 0.41%. Hong Kong’s Hang Seng added 0.25% and China’s CSI 300 climbed 0.52%. South Korea’s Kospi and Kosdaq fell 0.53% and 0.57%, respectively. In India, the Nifty 50 was flat and the Sensex slipped 0.12% as of late afternoon trade.