The S&P 500 index futures fell by 0.3% in pre-market trading. Traders are preparing for key inflation data from the Federal Reserve.

After the S&P 500 index hit a new high, futures prices fell slightly. The Fed's Powell once again called for a rate cut, stating that long-term inflation expectations are "securely anchored," while the risk of weakening in the labor market is increasing. Traders are waiting for the release of the Core Personal Consumption Expenditures Index for July, which is a preferred inflation indicator for the Fed. Bloomberg economist Anna Wang expects this data to be the hottest reading since February. S&P 500 index futures fell by 0.3%, Nasdaq 100 index futures fell by 0.5%. According to data cited by Bank of America strategists from EPFR Global, in the week ending Wednesday, stock funds attracted $16.6 billion in inflows, while bond funds attracted $19.7 billion. US stock funds attracted $8.5 billion, with large caps, small caps, and growth stocks leading the way. Value funds saw roughly $400 million redeemed. Refiners may be in focus as the California Energy Commission will postpone implementing the profit cap sought by Governor Gavin Newsom. Caterpillar Inc. warned investors that the impact of tariffs this year could be as high as $1.8 billion, higher than earlier expectations this month. On the tariff front: The end of the "de minimis" exemption for goods valued at $800 or less entering duty-free has impacted global e-commerce and increased costs for businesses and consumers. Brazil has authorized the initiation of retaliatory procedures against the 50% tariff imposed by the Trump administration. China stated that improving relations with India is in the interest of both countries. In terms of earnings reports: Shares of Gap Inc. fell in pre-market trading as its second-quarter comparable sales fell below market expectations. Pet supply retailer Petco saw a surge in stock prices after raising its profit target for the year as the company's business transformation began to show progress. Chip manufacturer Micron Technology saw its stock price plummet after reporting second-quarter data center revenue below analysts' expectations.