U.S. Stock Futures Slip as Oil Jumps Ahead of CPI Data

U.S. stock futures fell early Tuesday, May 11, 2026, as oil prices jumped and investors positioned for the release of April consumer price index (CPI) data. S&P 500 futures were down 0.4%, Nasdaq 100 futures fell 0.8%, and Dow Jones Industrial Average futures slipped 17 points, or 0.03%. The CPI report is scheduled for 8:30 a.m. ET.

Crude prices climbed after comments from former President Donald Trump about the ceasefire between the U.S. and Iran. West Texas Intermediate futures rose 3% to trade above $101 per barrel, while Brent crude gained 3% to above $107.

The moves in oil added to gains from the prior session. Trump described the month-old ceasefire as “unbelievably weak” and said it was “on massive life support” after rejecting what he called an unacceptable counterproposal from Tehran to end the war.

In its latest counteroffer, Iran insisted on war reparations, full sovereignty over the Strait of Hormuz, the release of frozen Iranian assets, and the lifting of sanctions, according to the report.

Oil’s rise adds pressure ahead of inflation print

Markets were also focused on the upcoming CPI report for clues on the inflation trajectory. Economists surveyed by Dow Jones expect headline inflation to rise 3.7% from a year earlier and forecast a 0.6% month-over-month increase for April.

Traders often treat CPI as a key input for expectations around monetary policy and interest rates, and the report is likely to shape sentiment across stocks and bonds during the session.

Stocks come off record highs after strong earnings

Despite the early pullback in futures, U.S. equities ended the previous session higher, with the S&P 500 and Nasdaq Composite closing at record highs. The advance has been supported by a strong earnings season in recent weeks, helping push stocks to new highs.

Investors will be watching how markets respond to the inflation data alongside ongoing developments tied to the U.S.-Iran ceasefire and energy prices.