Stock futures moved marginally on Tuesday morning as investors await inflation data due at the end of the shortened trading week for a better picture of the market’s outlook. Futures tied to the Dow Jones Industrial Average lost 63 points, or 0.2%. S&P 500 futures gained 0.1%, while Nasdaq 100 futures edged up 0.2%. Nvidia shares ticked up more than 2% in the premarket, putting them on track to build on last week’s strong gains. Stocks are on track to end May’s trading month, which concludes with Friday’s closing bell, on a strong note. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated. Recently, however, stronger economic data and fresher concerns about a potential consumer spending pullback have dampened the interest rate outlook. Minneapolis Federal Reserve President Neel Kashkari said Tuesday he wants to see “many more months” of data pointing to easing inflation before cutting rates. He also said he wouldn’t rule out further rate hikes if price pressures tick up again. This month, the S&P 500 has advanced 5.3%, while the Nasdaq Composite has rallied about 8%, after ending last week at a fresh record high. The Dow Jones Industrial Average is up 3.3%, meanwhile, and topped 40,000 for the first time ever this month. Looking ahead to this week, investors are watching for consumer confidence data out Tuesday and the April personal income and expenditures report, which includes the PCE inflation reading, out Friday. U.S. Treasury yields were slightly lower early Tuesday at the start of a shortened trading week, as investors await fresh data releases on consumer confidence and inflation. The 10-year Treasury yield slipped more than 1 basis point to 4.459%, while the 2-year Treasury yield shed more than 3 basis points to 4.918%. Asia-Pacific markets were mostly lower Tuesday as investors assessed comments from the European Central Bank officials signaling that rate cuts may be on the horizon for the world’s largest economic bloc. In Asia, the S&P/ASX 200 closed 0.28% lower at 7,766.70, as Australia’s retail sales growth missed Reuters’ poll estimates. Sales in April rose 0.1% compared with March. Japan’s Nikkei 225 dipped 0.11% to end at 38,855.37, while the broad-based Topix closed marginally higher at 2,768.50. South Korea’s Kospi ended flat at 2,722.85, while the small-cap Kosdaq gained 0.36% to end at 851.01. Hong Kong’s Hang Seng index was flat, while mainland China’s CSI 300 index fell 0.73% to 3,609.17. Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The Brent crude July contract dropped 3 cents to $83.07 a barrel by 0038 GMT. The more-active August contract slipped 4 cents to $82.85. U.S. West Texas Intermediate (WTI) crude futures for July were at $78.68, up 96 cents, or 1.2%, from Friday’s close, having traded through a U.S. holiday to mark Memorial Day without a settlement. Gold prices slipped on Tuesday with investors booking profits after a recent rally, amid pressure from the reduced probability of Federal Reserve rate cuts, while the market awaited key U.S. inflation data due later this week. Spot gold last fell 0.3% to $2,343.99 per ounce, after rising 0.7% on Monday. U.S. gold futures were up 0.72% at $2,351.40. Bullion fell below its 21-day moving average, which stands at $2,348, but was on track for a fourth consecutive month of growth with a 2.5% gain in May. The spot price hit a record high of $2,449.89 on May 20.