S&P 500 Futures Flat Ahead of October CPI Inflation Data

S&P 500 futures showed little change as traders awaited the October consumer price index (CPI) report. The Dow Jones Industrial Average futures gained 18 points, and Nasdaq-100 futures increased by 0.2%. During regular trading on Monday, the Dow advanced 1,104 points or 2.2%, the S&P 500 rose about 2.4%, and the Nasdaq Composite increased 2.7%.

Nvidia shares fell 4% after CEO Jensen Huang admitted to an affair linked to a woman identified by U.S. intelligence as a Chinese spy. Nvidia's board initiated an independent investigation related to a possible foreign intelligence effort. Oil prices declined sharply, with U.S. West Texas Intermediate futures dropping over 4% and Brent crude futures falling more than 5%.

Economists surveyed expect the October headline CPI to rise 0.3% and core CPI (excluding food and energy) to grow 0.2%, down from September's 0.6% and 0.3%, respectively. Chicago Fed President Austan Goolsbee expressed inflation concerns ahead of the CPI release, citing persistent cost pressures and AI-related build-out impacts on inflation. Tuesday's report will not include annual figures due to data collection issues during the 2025 government shutdown.

This matters because the CPI report influences central bank policy and market expectations. The anticipated slower inflation could affect interest rate decisions and investment strategies tied to inflation trends and energy prices, making the CPI numbers a critical data point for investors and policymakers.