S&P 500 futures dip as investors look to holiday-shortened trading week: Live updates

S&P 500 futures inched lower early Tuesday as the market comes off its first losing week in more than a month.

Futures tied to the S&P 500 slid 0.33%, while Nasdaq 100 futures dipped 0.41. Futures tied to the Dow Jones Industrial Average lost 121 points, or 0.32%.

The moves follow a losing week on Wall Street after economic data raised concerns that the Federal Reserve may not begin cutting interest rates as soon, or by as much, as market participants expected this year.

All three of the major indexes snapped five-week winning streaks. The technology-heavy Nasdaq Composite led the way down with a drop of more than 1.3%, while the benchmark S&P 500 slipped about 0.4%. The blue-chip Dow saw the narrowest loss, shedding just around 0.1%.

Wholesale prices rose more than anticipated by economists polled by Dow Jones between December and January, according to producer price index data released Friday. That bolstered concerns over sticky inflation that were raised earlier in the week after the consumer price index came in at 3.1% on an annualized basis, higher than economists forecasted and well above the 2% goal of the Fed.

"The Fed will be concerned by the January CPI and PPI reports," said Bill Adams, chief economist at Comerica Bank. "Momentum has built up in inflation over the last few years, and persists in many corners of the economy. ... January's inflation data will reinforce the Fed's inclination to lower interest rates only gradually in 2024."

Tuesday kicks off the shortened trading week after U.S. markets were closed Monday in observance of the birthday of George Washington. Investors will watch for the leading index and economic data on nonmanufacturing in the morning.

On the corporate earnings front, traders will monitor