Dow Futures Decline; Focus on CPI And Fed Meeting

On Sunday evening, U.S. stock futures were trading lower as key benchmark averages plunged to 3-week lows due to rising recession concerns. Important CPI data and a highly anticipated 50 basis point rate hike from the Federal Reserve were awaited by investors.

At 6:25pm ET (11:25pm GMT), Dow Jones Futures and S&P 500 Futures were down 0.2%, while Nasdaq 100 Futures were down 0.3%.

Following four consecutive months of 75 basis point rises, market participants will closely examine Tuesday's consumer price index data and Wednesday's Federal Reserve interest rate decision and announcement, with policymakers projected to hike rates by 50 basis points. Moreover, market players will closely track retail sales, manufacturing and services PMIs, industrial production, and the Philadelphia Fed Manufacturing Index.

The Dow Jones Industrial Average fell 305 points, or 0.9%, to 33,476.5 on Friday, while the S&P 500 lost 29.1 points, or 0.7%, to 3,934.4 and the NASDAQ Composite sank 77.4 points, or 0.9%, to 11,044.6. For the week, the Dow sank 2.5%, the S&P 500 fell 2.8%, and the NASDAQ fell 3.4%.

In terms of statistics, the producer price index for November increased by 0.3%, exceeding expectations of 0.2%, while the annualized growth rate decreased from 8.1% to 7.4%, surpassing expectations of 7.2%, and the Michigan consumer confidence index increased from 56.8 to 59.1, exceeding expectations of 56.8.

The 10-Year U.S. bond market interest rate was 3.584%.