Stock market today: US futures tread water in countdown to CPI

US stocks hit pause on Thursday as Wall Street braced for a crucial inflation reading that will put its roaring rally and rate-cut hopes equally to the test. S&P 500 futures slipped 0.1%, after the broad index crossed 5,600 for the first time on Wednesday. Dow Jones Industrial Average futures dropped roughly 0.2%, while contracts on the tech-heavy Nasdaq 100 hovered below the flatline.

The rally is on hold as investors count down to the release of June's Consumer Price Index, data crucial to the Fed's decision making. The CPI print, due at 8:30 a.m. ET, is expected to show a slowdown in inflation to 3.1% on the back of cooling in May. If not, that could dent hopes for borrowing costs to be cut from their historic highs.

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