Waiting for CPI! U.S. stock futures slightly declined before the market opens, spot gold rose about 0.7%, U.S. Treasury yields and the dollar exchange rate edged higher

After the China-US trade negotiations, the market remains cautious. US stock futures are slightly down, some Chinese concept stocks are up, and spot gold is rising. European stocks, oil prices, US Treasury yields, and the US dollar exchange rate are all slightly up.The market is focused on the US May CPI to be released at 8:30 PM tonight, with expectations for a month-on-month increase of 0.3%, higher than last month's 0.2%, and a year-on-year core CPI growth of 2.9%, marking the first acceleration in year-on-year growth this year. This may prompt the Federal Reserve to maintain a wait-and-see approach and delay interest rate cuts. The market generally expects only one rate cut this year.The following are the trends of core assets:The three major US stock index futures are all down more than 0.1%.European stocks are slightly up, with German and French stocks both rising over 0.3%.The Nikkei 225 index closed up 0.5%, and South Korean stocks rose 1.2%, marking a six-day consecutive rise, reaching the highest level since January 2022.US Treasury yields are all rising, with the 10-year Treasury yield slightly up by 1 basis point.The US dollar index and euro are basically flat, while the yen depreciated slightly by about 0.1%.Spot gold is up over 0.6%, and spot silver is basically flat.Bitcoin is up 0.2%, approaching $110,000. Ethereum is up about 4%.US oil is slightly up over 0.3%, and Brent oil is slightly up over 0.1%.The three major US stock index futures are slightly down.Before the US stock market opens, some Chinese concept stocks are up, with JD.com rising about 1%. Some tech stocks are also up, with TSMC rising about 1%; Tesla is up about 2%, after Musk expressed regret over some posts related to Trump released last week.Tesla's US stock is up over 2% before the market opens, after Musk expressed regret over some posts related to Trump released last week.Economists generally believe that the tensions have dragged the global economy into a downturn, hoping that trade negotiations will ease the situation.In addition, the market expects a slight rebound in inflation in May, mainly due to the cost transmission effects of tariffs on imported goods. The CPI is expected to rise 0.3% month-on-month, higher than April's 0.2%. The core CPI (excluding food and energy) is expected to grow 2.9% year-on-year, marking the first acceleration in year-on-year growth this year.Analysts say this may lead the Federal Reserve to maintain a wait-and-see attitude, delaying interest rate cuts, and continue to observe the comprehensive impact of tariffs and inflation on the economy. With one week to go before the Federal Reserve announces its next interest rate decision, market traders are currently betting that the Federal Reserve will only cut rates once this yearGeoff Yu, a strategist at Bank of New York Mellon, stated that the current CPI report is not expected to cause significant market fluctuations, but if the data significantly exceeds or falls short of expectations, it could have a greater impact