Stock futures fell Monday evening as investors braced for a headline inflation report.
Futures contracts tied to the Dow Jones Industrial Average lost 24 points, or 0.06%. Standard & Poor's 500 futures fell 0.1%, while Nasdaq 100 futures fell 0.2%.
Shares of Avis Budget Group fell more than 2% in extended trading after fourth-quarter revenue beat analysts' estimates. Shares of JetBlue Airways rose more than 15% after activist investor Carl Icahn announced a nearly 10% stake in the airline.
In regular trading, the 30-stock Dow Jones index closed at a new record high. The S&P 500 ended the day down about 0.1%, but the broad market index just closed above 5,000 points for the first time on Friday. The Nasdaq Composite Index fell 0.3%. All three major averages are on a five-week winning streak.
“I think all this talk about how tight the market is is overblown,” Chris Ferrone, head of technical and macro research at Strategas, said on CNBC's Closing Bell: Overtime on Monday. Small stocks are doing better, and the equal-weight S&P just hit a two-year high, [so] I think the idea that it's just five or six or seven stocks that are driving this whole thing is misleading.
Investors will now look to the January CPI report to get the latest reading on price pressures, due Tuesday morning. The report's findings will likely be closely watched by Federal Reserve officials as they consider the way forward on interest rate policy.
Headline inflation is expected to rise 0.2% month-on-month and 2.9% from a year earlier, according to economists polled by Dow Jones. Core prices, which exclude volatile food and energy components, are expected to rise 0.3% in January and 3.7% from a year earlier, respectively.
Tuesday's expected earnings include soft drink giant Coca-Cola, toy maker Hasbro, and Marriott International in the morning. Casino operator MGM Resorts and dialysis company DaVita will publish results after the close.
