Stock market today: Dow, S&P 500, Nasdaq futures trade flat as inflation worries persist

May 19, 2026 - 03:03

U.S. stock futures traded in a narrow range on Tuesday morning, with the Dow, S&P 500, and Nasdaq all hovering near the flatline as persistent inflation fears kept investors cautious. The market is also bracing for the latest earnings report from Nvidia, a key bellwether for the tech sector and the broader artificial intelligence trade.

The muted open follows a mixed session on Monday, where the major indexes struggled to find direction. Inflation data released last week showed consumer prices rising more than expected, dashing hopes for an early interest rate cut by the Federal Reserve. Traders are now pricing in a higher chance that the central bank will hold rates steady for longer, which has weighed on risk appetite.

Nvidia's quarterly results, due after the closing bell on Wednesday, are seen as a major test for the market's recent rally. The chipmaker's stock has surged over the past year on the back of booming AI demand, and any disappointment in its outlook could trigger a broader selloff in technology shares. Analysts expect the company to report strong revenue growth, but the focus will be on forward guidance and whether demand is sustainable.

Bond yields edged higher as inflation concerns persisted, with the 10-year Treasury note yield climbing above 4.3%. The dollar also strengthened, adding pressure on commodities and emerging market assets. Oil prices slipped slightly as traders weighed supply disruptions against the potential for weaker demand if rates stay high.

In corporate news, several retailers are set to report earnings this week, providing further clues on consumer health. Walmart and Home Depot already signaled cautious spending trends, and investors will watch for similar commentary from other names. For now, the market remains in a wait-and-see mode, with Nvidia's report and the next inflation print likely to set the tone for the weeks ahead.