Stock futures slipped on Tuesday after April’s producer price index came in higher than economists’ expectations. S&P 500 futures slipped 0.2%, while Nasdaq 100 futures fell 0.4%. Dow Jones Industrial Average futures lost 40 points, or 0.1%. The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated. Stock futures gave back earlier gains after the data release, while bond yields ticked higher. The stock decline was contained as the March wholesale prices reading was revised down to show a 0.1% decline, easing some of the inflation concerns. Traders may also be hesitant to overreact to this report ahead of the more closely followed consumer price index, due to be released Wednesday. The Dow is coming off its first losing session in nine, snapping its longest winning streak since December. The S&P 500 also inched lower, while the Nasdaq rose slightly. A report from the New York Federal Reserve showed that consumers’ expectations for inflation over the short and long term grew in April. The results put pressure on the major averages and weighed on stocks. The 10-year U.S. Treasury yield inched higher on Tuesday after wholesale inflation data came in stronger than expected. The yield on the 10-year Treasury added less than 1 basis point to 4.487%, after initially popping above the 4.5% level following the new data. The 2-year Treasury yield was last at 4.846% after sliding by around 1 basis point. Asia-Pacific markets were mixed on Tuesday as stocks on Wall Street stumbled overnight, with the Dow Jones Industrial Average snapping an eight-day winning streak. Japan’s Nikkei 225 and the broader Topix climbed 0.46% and 0.25%, respectively, ending at 38,356.06 and 2,730.95. South Korea’s Kospi rose 0.11% to 2,370.34, while the smaller-cap Kosdaq gained 0.9% to end at 862.15. The S&P/ASX 200 in Australia fell 0.3%, ending the day at 7,726.8. Hong Kong’s Hang Seng index reversed gains to trade 0.1% lower, while mainland China’s CSI 300 index fell 0.21% to close at 3,657.05. Oil prices were little changed on Tuesday as investors waited on data this week, including U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries. Brent crude futures rose 5 cents to $83.41 a barrel, while U.S. West Texas Intermediate (WTI) crude futures also gained just 5 cents to $79.17 a barrel. Gold prices firmed on Tuesday as investors awaited the crucial inflation report this week which can significantly influence the outlook on U.S. interest rates. Spot gold was up 0.4% to $2,344.92 per ounce by 0903 GMT after dropping 1% on Monday. U.S. gold futures rose 0.3% to $2,350.50.