S&P 500 and Nasdaq Futures Dip & Corporates Fluctuate

S&P 500 futures declined by 0.5%, and Nasdaq 100 futures fell by 0.9% as the market braces for the upcoming U.S. consumer inflation report. Economists anticipate the January U.S. CPI to show a monthly increase of 0.2% and an annual rise of 2.9%, a slight deceleration from the previous figures of 0.3% month-on-month and 3.4% year-on-year.

The U.S. stock market faces a significant test today with the release of this economic data, following a robust three-month rally. During this period, mega-cap companies, particularly those in the AI sector, have driven the market to reach new historic highs.

A Bank of America survey indicated that its "Bull & Bear Indicator" has climbed to 6.8, signaling that investor positioning may increasingly pose a challenge for risk assets.

On the corporate side, NVIDIA saw a nearly 1% drop in premarket trading, while Coca-Cola experienced a slight increase of 0.3% after announcing earnings that met expectations and revenue that exceeded them.

The Nasdaq has hit a resistance level at 18000, where it touches the upper parallel of the long-term bullish channel. Today's economic data will mostly influence the performance and direction of the index and could lead to a correction or a breakout considering the current overbought conditions.