Dow, S&P 500, Nasdaq futures slip as key inflation print looms and US-China plan falls flat

Inflation didn’t pickup as much as Wall Street expected in May.

The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.4% over the prior year in May, an increase from April’s 2.4% and in line with economists’ forecast for 2.4%. But all other closely watched metrics from the release came in below expectations.

On a month-over-month basis, prices increased 0.1%, lower than the 0.2% estimated by economists and the 0.2% increase seen in April.

On a “core” basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.1% over the prior month, lower than April’s 0.2% rise and below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.8%, unchanged from the prior month and below Wall Street’s expectations for a 2.9% increase.