Stock market today: Live updates

Stock futures slipped Wednesday as investors after China and the U.S. reached a trade policy consensus. They also awaited the release of May’s consumer inflation report.

Futures tied to the S&P 500 were off 0.2%, while Nasdaq 100 futures inched down 0.1%. Dow Jones Industrial Average futures lost 66 points, or 0.2%.

U.S. and Chinese officials reached a consensus on trade after a second day of talks in London. U.S. Commerce Secretary Howard Lutnick said he and U.S. Trade Representative Jamieson Greer will return to Washington to “make sure President Trump approves” the framework.

As part of the framework, China would approve the exports of rare earth minerals. Meanwhile, the U.S. would roll back sales restrictions of advanced tech goods to China.

The discussions are a key focus for investors that remain jittery toward any jolts on trade policy. Both China and the U.S. previously agreed to temporarily lower high tariffs on one another in May, although a fully ironed-out agreement has yet to materialize.

Stocks rose Tuesday as traders grew optimistic that a deal would be reached. But “oine key concern is that the Trump administration, buoyed by the market rebound, may resume aggressive tariff rhetoric—potentially triggering renewed retaliation from China and Europe, as seen earlier this year,” Deutsche Bank chief economist David Folkerts-Landau said in a Tuesday note.

“At the same time, rising long-end bond yields are amplifying fiscal concerns globally, particularly given plans for expanded deficits across multiple major economies,” he added. “With several countries already on unsustainable debt paths, the events of 2025 may have accelerated an inevitable reckoning.”

Investors will get further insight into the U.S. economy on Wednesday morning as the Bureau of Labor Statistics rolls out May’s reading of the consumer price index. Economists polled by Dow Jones call for a 0.2% month-over-month increase, while headline CPI is anticipated to have grown 2.4% from 12 months earlier. A hot report could spook investors who are already on edge over inflationary pressures.

“Ultimately this report is not expected to cause any significant changes to the Fed’s current wait and see approach when it comes to setting rates,” said Sam Millette, director of fixed income at Commonwealth Financial Network. “With that being said, we’ll have to wait and see if the report shows the anticipated modest rise in price pressure that’s expected or if there are any surprises in store for investors.”

—CNBC’s Evelyn Cheng contributed reporting.