Stock Market Today: S&P 500, Dow Futures Fall As May Inflation Rises The Most In 37 Months— Autozi Internet, Cracker Barrel In Focus (UPDATED)

(Editor’s note: The future prices of benchmark tracking ETFs and the headline were updated in the story.) U.S. stock futures fell on Wednesday, as the Nasdaq 100, S&P 500, and the Dow Jones indices declined, following Tuesday’s mixed close. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 4.2% year-over-year in May, matching FactSet estimates to hit its highest mark since April 2023. Core inflation also remained sticky, with the all items less food and energy index accelerating by 2.9% over the past 12 months, climbing past the 2.8% rate seen in April. On Tuesday, President Donald Trump ordered military strikes against Iran after a U.S. Apache helicopter was brought down near the Strait of Hormuz . Trump later downplayed the severity of the incident, telling The Wall Street Journal that it “wasn't a big deal” because “the pilot is fine.” This came right after Trump posted early Monday that “both sides, Israel and Iran, are looking to do an immediate ceasefire,” shortly before Iran’s armed forces said they had ended military operations against Israel. Meanwhile, the 10-year Treasury bond yielded 4.53%, and the two-year bond was at 4.14%. The CME Group's FedWatch tool ‘s projections show markets pricing a 98.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting. Index Performance (+/-) Dow Jones -0.45% S&P 500 -0.54% Nasdaq 100 -0.88% Russell 2000 -0.64% The SPDR S&P 500 ETF Trust (NYSE: SPY ) and Invesco QQQ Trust ETF (NASDAQ: QQQ ) , which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Wednesday. The SPY was down 0.54% at $733.10, while the QQQ declined by 0.77% to $702.41. data-variant="card" data-news-mode="manual" > Read Also: Jim Cramer Is 'VERY Skeptical