US stock futures were mixed on Tuesday as investors awaited October inflation figures, assessed developments in the conflict involving Iran and monitored corporate news affecting the artificial intelligence sector. Oil prices continued to decline, while Nvidia (NASDAQ:NVDA) shares recovered slightly in after-hours trading following a decline in the previous session.
At 03:17 ET (08:17 GMT), S&P 500 futures were up 13 points, or 0.2%, while Nasdaq 100 futures declined 22 points, or 0.1%. Dow Jones Industrial Average futures gained 252 points, or 0.5%.
Major US equity indices advanced during Monday’s session, with the S&P 500 recording its largest daily gain since April.
Semiconductor shares contributed to the recovery, with an industry benchmark posting its largest one-day increase since July following declines during the previous week.
According to Deutsche Bank analysts, the S&P 500 had declined approximately 0.25% over the four trading sessions following the US midterm elections.
The analysts attributed part of the subsequent recovery to changes in investor positioning after the earlier market declines.
They noted that equity allocations had become substantially underweight, while positioning in technology stocks had fallen below levels recorded after the announcement of the US administration’s Liberation Day trade measures.
Investors were also assessing whether the Democratic Party’s gains in the midterm elections could influence the development of artificial intelligence infrastructure, particularly in states hosting major data centre projects.
The US Consumer Price Index report for October was scheduled for release later Tuesday, with economists forecasting a 0.3% monthly increase in headline consumer prices.
Core inflation, which excludes food and energy, was expected to rise 0.2% month on month.
An annual inflation comparison was not expected to be published because the federal government shutdown in 2025 prevented the collection of October 2025 consumer price data.
Alternative data provider Truflation identified energy prices as a significant factor affecting inflation, projecting a 20.7% annual increase in energy costs for October.
Its estimates also indicated a 37.7% year-on-year rise in gasoline prices.
Higher fuel costs have contributed to concerns about household affordability, which featured prominently during the recent US midterm election campaign.
The election resulted in Democratic control of both chambers of Congress, potentially affecting the administration’s ability to advance elements of its legislative agenda.
The inflation report could influence expectations for the Federal Reserve’s December monetary policy meeting.
US employment data released on Friday indicated continued labour market activity, prompting investors to reassess the possibility of further interest rate increases.
The Federal Reserve implemented its first rate increase in three years in September, according to the report.
Higher borrowing costs can reduce inflationary pressures by moderating economic demand, although they may also affect business investment, consumer spending and employment.
Investors were monitoring whether the latest inflation figures would support expectations of additional monetary tightening.
International oil prices continued to decline, with Brent crude futures trading near $90 per barrel.
The benchmark had exceeded $115 per barrel in late October amid concerns about potential additional US military action against Iran.
More recent diplomatic developments have contributed to expectations that the conflict could move towards a negotiated resolution.
President Donald Trump indicated that he wanted to pursue an end to the conflict following discussions with Qatar’s prime minister, whose country has previously acted as an intermediary between Washington and Tehran.
Trump also maintained that the United States remained prepared for military action.
Bloomberg reported, citing an official familiar with the situation, that diplomatic discussions between the United States and Iran were expected to continue and that further military escalation was considered unlikely.
The decline in oil prices has implications for energy producers, transportation companies and businesses exposed to fuel costs.
Nvidia (NASDAQ:NVDA) shares edged higher in after-hours trading after falling more than 4% on Monday.
The decline followed the company’s reported announcement of an independent investigation involving Chief Executive Officer Jensen Huang.
According to the source report, Huang acknowledged a personal relationship with a businesswoman associated with a Singapore-based company who had been accused of conducting espionage for China.
The allegations have not been established as fact in the information provided, and the reported investigation does not itself establish wrongdoing.
During a White House briefing, Trump said the FBI was examining the matter and expressed confidence in Huang.
Trump also said Huang had told him he was unaware of the woman’s alleged intelligence activities.
The developments attracted attention because of Nvidia’s role in supplying processors and computing infrastructure used in artificial intelligence applications.
Artificial intelligence developer Anthropic (NASDAQ:ANT) was also in focus following a Reuters report concerning preliminary documentation for a potential initial public offering.
According to Reuters, the company circulated information to investment banks indicating a possible offering of approximately 867 million shares at a price range of $70 to $80 per share.
The proposed transaction could have raised as much as $69.3 billion at the upper end of the indicated range.
However, Reuters reported that Anthropic subsequently informed bankers that the pricing details were inaccurate and that updated documentation would be provided.
The withdrawn figures therefore should not be treated as confirmed offering terms.
The company was reportedly considering beginning formal marketing of the potential offering on Tuesday.
Any eventual listing would be assessed against investor expectations for artificial intelligence businesses, including infrastructure expenditure, revenue growth and profitability.
US equity markets entered Tuesday’s session with investors monitoring several developments, including October inflation figures, Federal Reserve interest rate expectations and movements in international oil prices.
Corporate developments involving Nvidia and Anthropic also remained in focus following recent volatility in technology shares.
The direction of US equities during the session could be influenced by the inflation report and its implications for monetary policy, alongside further developments in energy markets and the artificial intelligence sector.
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