Stock futures rose slightly as Wall Street awaits inflation data

US stock futures rose slightly on Tuesday morning after Wall Street weighed on expectations for chip stocks, eyeing more earnings results and inflation data that will determine the pace of interest rate hikes going forward.

The Dow Jones Industrial Average added 62 points, or 0.19%. S&P 500 and Nasdaq 100 futures rose 0.22% and 0.23%, respectively.

Novavax fell 32% in extended trading after cutting full-year revenue guidance due to weak demand for Covid vaccines.

Upstart fell 10% in extended trading after the consumer lender reported second-quarter results that missed earnings and revenue expectations.

During normal trading on Monday, the S&P 500 index was down 0.12%. The Nasdaq Composite Index is down 0.10%. The Dow Jones gained 29.07 points to close 0.09% higher.

Traders traded the implications of weaker-than-expected earnings from Nvidia on other semiconductor companies. They also considered whether the major averages would once again challenge the June lows after their recent gains; The S&P 500 is exiting its third positive week in a row.

“I think a retest is a possibility and investors should be careful about buying here,” Jim Lakamp of Morgan Stanley Wealth Management said Monday on CNBC’s “Closing Bell.”

“You should use a rally like this to sell some stuff you’re trying to get rid of — you know, you don’t want cheese anymore, you want to get out of the trap.”

On the economic front, investors are waiting for the latest CPI reading for July, due on Wednesday, to find some clarity on the path of interest rate hikes from the Federal Reserve as it works to eliminate, or at least slow, inflation.

Investors are also waiting for another batch of earnings on Tuesday. Workhorse, Capri Holdings and Ralph Lauren are set to report quarterly results before the bell. Coinbase, Spirit Airlines, Roblox, Sweetgreen and EVgo will report after the market closes.