U.S. futures wavered after a tech-driven Wall Street slump, with focus on CPI data.

U.S. stock index futures edged down Thursday night after a sharp selloff in technology shares triggered heavy losses on Wall Street, with investors now awaiting key inflation data for further direction.

Wall Street declines as tech losses deepen; Cisco plunges.

Tech stocks slid as markets worried about fresh disruptions linked to artificial intelligence, while disappointing earnings from Cisco added to the pressure. Lingering uncertainty around U.S. rate cuts—particularly after this week’s strong nonfarm payrolls report—kept buyers cautious and prompted some profit-taking. By 19:57 ET, S&P 500 and Nasdaq 100 futures were each down 0.1%, while Dow futures were slightly lower.

On Thursday, major indexes fell steeply, led by renewed weakness in technology amid concerns over AI-driven disruption. Logistics and transportation stocks were also hit following reports that a new tool from Algorhythm Holdings could significantly streamline freight operations, potentially dampening demand across the sector.

The news sent trucking and logistics shares sharply lower, while Algorhythm surged nearly 30%. Meanwhile, Cisco Systems dropped 12% after posting weaker-than-expected results, dragging other major tech names lower, with the “Magnificent Seven” declining between 0.6% and 3%. The S&P 500 lost 1.6%, the Nasdaq Composite fell 2%, and the Dow Jones Industrial Average dropped 1.3%.

Investors await CPI report as interest rate uncertainty intensifies.

Attention now turns to January’s consumer price index data due Friday, which is expected to show a modest cooling in both headline and core inflation.

However, CPI has exceeded expectations in January for the past four years, keeping markets wary of an upside surprise. Stronger-than-expected jobs data earlier this week reinforced views of a tight labor market, reducing the Federal Reserve’s urgency to cut rates. Persistent inflation could further dampen sentiment, with CME FedWatch indicating markets see a high likelihood that rates will remain unchanged in March and April.

Sources: Ambar Warrick