US stock futures slip ahead of inflation data

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US stock-index futures fell slightly on Wednesday, signalling the S&P 500 may slip from a record high, as investors awaited a report on inflation.

S&P 500 and Nasdaq Composite futures were slightly lower, while the Dow Jones Industrial Average futures rose 0.1 per cent.

The three indices, plus the Russell 2000, which tracks small cap stocks, all ended Tuesday at new heights. Investors had appeared to take courage from comments by the Federal Reserve chair Janet Yellen, who shared an upbeat view on the US economy and left open the possibility of a rate rise in March.

Meanwhile, the yield in US Treasuries was slightly higher ahead of a closely-tracked report on consumer prices due at 8:30 am ET. The 10-year note’s yield, which moves inversely to price, was 1.3 basis points higher at 2.48 per cent. Likewise the dollar, measured against a basket of its peers, was 0.3 per cent higher.

In addition to the US consumer price index report, US retail sales from January were due on Wednesday. Eric Rosengren and Patrick Harker, heads of regional Federal Reserve banks, were also scheduled to give speeches.

On the corporate earnings calendar, Cisco Systems, Marriott International, CBS, Marathon Oil and Kraft Heinz are scheduled to release their quarterly reports after markets close in New York.

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