US stock futures inch lower ahead of more cues on rates, inflation

Investing.com-- U.S. stocks index futures fell slightly in evening deals on Tuesday following a middling session on Wall Street, as focus remained squarely on a barrage of economic readings that are set to offer more cues on monetary policy.

A string of Federal Reserve officials are also set to speak in the coming days, after several officials reiterated that the bank was in no hurry to begin loosening monetary policy.

S&P 500 Futures fell slightly to 5,088.25 points, while Nasdaq 100 Futures fell 0.1% to 18,008.25 points. Dow Jones Futures fell 0.1% to 38,978.0 points by 18:44 ET (23:44 GMT). 

Wall St rangebound below record highs, Dow lags

Wall Street indexes closed slightly higher on Tuesday, buoyed by a mild rebound in technology stocks. But indexes remained within a trading range established over the past three sessions.

But while anxiety over higher-for-longer rates kept U.S. stocks rangebound, they still remained largely in sight of recent record highs. This strength was driven chiefly by technology shares, as investors bet that an AI boom presented a massive market opportunity for the sector. 

The S&P 500 closed up 0.2% at 5,078.18 points, while the NASDAQ Composite rose 0.4% to 16,035.30 points on Tuesday.

The Dow Jones Industrial Average underperformed, falling 0.3% to 38,972.41 points, and was dragged lower by losses in UnitedHealth Group Incorporated (NYSE:UNH) after the Wall Street Journal reported that The Department of Justice had launched an antitrust investigation into the health insurer.  

UnitedHealth fell 2.3% on Tuesday and was down 0.9% after the bell. 

GDP data, PCE inflation in focus 

Focus was largely on a string of key economic readings due on Wednesday and Thursday, starting with a second reading on fourth-quarter GDP data.

The reading is expected to show some cooling in growth, although not to an extent where the Fed will be spurred into cutting rates.

PCE price index data- which is the Fed’s preferred inflation gauge- is the biggest point of focus for markets this week, given that it is likely to factor into the central bank’s outlook on interest rates. The reading is due on Thursday.

Beyond Meat leads aftermarket gains on strong earnings 

Fourth-quarter earnings continued to trickle in, as the season wound to a close. Beyond Meat Inc (NASDAQ:BYND) surged 76% in aftermarket trade after clocking better-than-expected quarterly earnings, and also forecasting stronger margins.

E-commerce site eBay Inc (NASDAQ:EBAY) rose 4% on stronger-than-expected earnings, while Ambarella Inc (NASDAQ:AMBA) rose 12% on a smaller-than-expected loss.

On the other hand, Bumble Inc (NASDAQ:BMBL) lost 7% on weak revenue guidance, while Urban Outfitters Inc (NASDAQ:URBN) slid 10% on disappointing earnings.