U.S. Stock Index Futures Slip as Markets Await CPI Data and Weigh Trump-Fed Tensions

U.S. stock index futures edged lower on Monday evening, signaling a pause after recent gains that were largely driven by strength in technology stocks. Investor caution increased ahead of the highly anticipated U.S. consumer price index (CPI) inflation data for December, scheduled for release on Tuesday, which is expected to provide clearer direction on inflation trends and interest rate expectations for 2025.

S&P 500 futures slipped nearly 0.2% to around 7,005 points, while Nasdaq 100 futures declined about 0.3% to roughly 25,893 points. Dow Jones futures were also slightly lower, down 0.1% to approximately 49,750 points. The modest pullback reflected a combination of profit-taking and uncertainty surrounding macroeconomic and political developments.

Technology stocks dipped in after-hours trading after President Donald Trump stated that his administration was in discussions with major artificial intelligence data center operators, starting with Microsoft, to prevent rising electricity costs from being passed on to American households. Trump emphasized that large technology companies should absorb the higher power costs associated with running AI data centers, rather than consumers facing increased utility bills. While the president did not provide specific policy details, the remarks raised concerns about potential regulatory changes that could increase operating costs for major tech firms.

Shares of Microsoft, along with other AI-focused “hyperscalers” such as Amazon, Meta Platforms, and Oracle, moved slightly lower following Trump’s comments. Despite the short-term pressure, technology stocks have been a key driver of broader market gains in recent sessions.

Markets are also closely monitoring the ongoing feud between the Trump administration and Federal Reserve Chair Jerome Powell. Powell recently revealed that the Fed faced legal threats related to its renovation project, which he suggested may have been politically motivated due to disagreements over interest rate policy. These comments initially unsettled Wall Street, sparking concerns about the Fed’s independence, although strong tech performance helped major indexes rebound to record or near-record levels.

In addition to inflation data and monetary policy, investors are turning their attention to the start of the fourth-quarter earnings season. Major U.S. banks, including JPMorgan Chase, Bank of New York Mellon, Bank of America, Wells Fargo, and Citigroup, are set to report earnings this week, which could further influence market sentiment.