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Market Snapshot: Stock-index futures drift lower ahead of U.S. inflation reading

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Stock-index futures drifted lower Wednesday, a day after the Dow Jones Industrial Average snapped a six-day winning streak, with investors awaiting a reading on May consumer inflation as they continue to eye the U.S.-China trade fight.

Dow futures YMM19, -0.29%  fell 71 points, or 0.3%, to 25,993, while S&P 500 futures ESM19, -0.26%  lost 7.9 points, or 0.3%, to 2,878.75. Nasdaq-100 futures NQM19, -0.46%  were off 35.75 points, or 0.5%, at 7,483.

What’s driving the market?

Stocks ended with small losses Tuesday after flipping between positive and negative territory. The Dow DJIA, -0.05%  closed 14.17 points lower at 26,048.51, off 0.1%, while the S&P 500 SPX, -0.03%  shed 1.01 points, or less than 0.1%, to close at 2,885.72. The Nasdaq COMP, -0.01%  finished with a loss of 0.6 points at 7,822.57. The declines ended five-day winning streaks for both the S&P and the Nasdaq.

U.S. President Donald Trump on Tuesday said he was the one “holding up” a trade deal with China, saying the two countries would “either do a great deal…or we’re not doing a deal at all.”

Analysts blamed the remarks for casting a somewhat negative tone over global equities.

Investors are also watching protests in Hong Kong. Police on Wednesday fired tear gas and high-pressure water hoses at protesters who massed outside government headquarters in opposition to a proposed extradition bill that has sparked concerns over China’s control of the semi-autonomous territory.

What’s on the economic calendar?

Investors are focusing on inflation data, with the May consumer price index set for release at 8:30 a.m. Eastern.

What companies are in focus?

Shares of electric car maker Tesla Inc. TSLA, +1.98%  were 2.6% higher in premarket action, after Chief Executive Elon Musk late Tuesday took the stage at the company’s shareholder meeting and denied the company was facing

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