Nasdaq futures declined on Wednesday in anticipation of a significant inflation report, with technology shares experiencing a notable downturn. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average indicated declines of 1.3%, 0.8%, and 0.7%, respectively, in the latest trading session. Investors will direct their attention today to the May Consumer Price Index reading, scheduled for release at 8:30 am. The CPI is projected to have increased by 4.2% year-over-year, indicating the highest annual inflation rate in three years, as per a survey.

Ahead of the reading, the 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, was approximately 4.53%, reflecting a modest increase from Tuesday’s close of just above 4.52%. Yesterday, the tech-heavy Nasdaq Composite and benchmark S&P 500 concluded the trading session lower as a rally in chip stocks diminished, whereas the blue-chip Dow experienced a late surge to finish in positive territory. Shares of Marvell Technology ended nearly 8% lower Tuesday and were down about 4% further in premarket trading. The iShares Semiconductor ETF, which concluded nearly 2% lower yesterday, experienced a decline of over 3% in the early hours of Wednesday.

Meanwhile, each of the Magnificent Seven tech giants pointed lower before the bell after all but Google parent Alphabet closed lower yesterday. Nvidia was the biggest decliner premarket, down some 2%. Oracle shares declined 2.5% ahead of its earnings report after markets close today. Cracker Barrel Old Country Store stock surged nearly 8% following the restaurant chain’s unexpected profit announcement and an upward revision of its full-year outlook. Oil prices exhibited volatility following the U.S. initiation of “self-defence strikes” against Iran, a response to the downing of an Army Apache helicopter.

West Texas Intermediate futures, the U.S. crude oil benchmark, were nearly flat at $88.25 a barrel in recent trading, while front-month contracts of Brent crude, the global benchmark, were slightly lower at $91.40. Bitcoin was trading at approximately $61,300, a decline from overnight peaks of about $62,200. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, remained relatively stable at 99.88. Gold futures declined by 2.3%, settling at $4,190 per ounce.