US Stock Market Today: S&P 500 Futures Slip As Sticky Inflation Keeps Fed Cautious

US stock futures declined Monday as investors assessed solid consumer spending against persistent inflation, with the core Personal Consumption Expenditures index holding at 3.4% year-over-year. E-mini S&P 500 contracts fell 0.3% while Nasdaq-100 futures dropped 1.2%, as markets weighed whether the Federal Reserve will maintain higher interest rates longer, pressuring growth stocks and housing-related sectors. Individual movers included Moderna jumping 12.6% on a Piper Sandler price-target increase, while ON Semiconductor fell 23.7% after announcing a $7 billion all-stock acquisition of Synaptics.

Earnings reports from Nike and Constellation Brands, along with consumer sentiment data, are expected to provide clearer signals on discretionary spending and inflation pressures. Real personal spending grew 0.3% and incomes rose 0.7% in May, suggesting households remain willing to spend despite cost-of-living concerns.