US futures slip in cautious countdown to PCE print

US stock futures retreated on Wednesday, coming off a mixed close as caution prevailed ahead of a crucial inflation report that will guide expectations for interest rate cuts.

Futures on the Dow Jones Industrial Average (^DJI) and on the S&P 500 (^GSPC) both sagged 0.3%, while those on the tech-heavy Nasdaq 100 (^NDX) led declines with a roughly 0.4% drop.

Stocks have struggled in February’s final days as fresh economic data helped bring a market boosted by AI euphoria back to the reality of higher-for-longer interest rates. Investors have spent this week counting down to the PCE inflation reading on Thursday, seen as key in determining how quickly the Federal Reserve will start making rate cuts.

In the meantime, a report on fourth quarter GDP is on the docket Wednesday, along with readings on mortgage applications and personal consumption.

In other asset markets, bitcoin (BTC-USD) continued its roaring rally, breaking above $59,000 early Wednesday to come within striking distance of a fresh all-time high. The arrival of spot bitcoin ETFs have helped the cryptocurrency reach levels not seen since late 2021.

Among big movers, shares of Beyond Meat (BYND) soared over 60% in premarket trading after the plant-based meat company’s CEO promised to slash costs in a turnaround bid.