S&P 500 Futures Stable as Traders Watch Oil Prices and Await CPI Data

S&P 500 futures showed little movement as traders closely track fluctuating oil prices, which recently spiked close to $120 per barrel. The market remains jittery with upcoming Consumer Price Index (CPI) data set to provide insights on inflation trends. The reaction from traders will be critical, as oil price volatility impacts broader market sentiments and inflation expectations. This situation could lead to increased volatility across major indices as investors adjust their strategies based on the economic indicators presented.