Stock futures are little changed ahead of consumer inflation report: Live updates

Stock futures traded near the flatline Tuesday night ahead of key consumer inflation data.

Futures tied to the Dow Jones Industrial Average lost 3 points. S&P 500 futures added 0.07%, while Nasdaq 100 futures gained 0.05%.

Investors are awaiting February’s consumer price index due Wednesday, seeking clues on the strength of the U.S. market and economy, particularly after signs of a weakening labor market have grown in recent months. Economists polled by Dow Jones anticipate that headline CPI rose 2.4% on a year-over-year basis.

In regular trading, both the S&P 500and 30-stockDow closed lower, while theNasdaq Compositeinched up 0.01% on the day. Nine of the eleven S&P 500 sectors ended the session in negative territory, while communication services and technology posted narrow gains.

“I think we’re in a period where we had a bear market already in software, the Mag Seven, and in crypto. I think that’s already taken out a lot of speculation,” Tom Lee, head of research at Fundstrat Global Advisors, said Tuesday afternoon on CNBC’s “Closing Bell.”

Oil prices have taken dramatic swings week to date, surging to nearly $120 a barrel on Monday amid rising fears around the war in Iran. Prices slid on Tuesday, first on hopes that a group of nations would turn to emergency crude reserves.

Energy prices dropped once more on Tuesday after Energy Secretary Chris Wright wrote in asince-deleted social media postthat the U.S. Navy successfully escorted tanker through the Strait of Hormuz, but White House press secretary Karoline Leavitt later said that the U.S. had not escorted a tankerthrough the key route.

West Texas Intermediate futures fell as low as $76.73 per barrel, but closed down nearly 12% at $83.45 per barrel.Brent crudelost more than 11% to settle at $87.80 a barrel.

“To me, the market is actually handling oil prices better … we think higher oil prices are actually good for the U.S. stock market,” Lee added, noting that the S&P 500 has climbed this week even as oil prices have surged.

The broad market index is up 0.6% week to date, as fears about the Iran war have slightly eased, particularly after U.S. President Donald Trump on Monday signaled that the conflict could end soon.