US S&P 500 futures fell 0.1% to 7,427 points, Nasdaq futures down 0.3% to 29,330, Dow futures flat at 49,780.
Record highs were set on Monday with S&P 500 closing at 7,412.87, Nasdaq at 26,274.13, Dow at 49,704.34, driven by chip stocks.
President Trump rejected Iran's cease‑fire proposal, hinted at reopening Strait of Hormuz and possible military options before his summit with Xi.
April CPI expected 3.7% YoY headline, 2.7% core, markets wary of Fed cuts as oil nears four‑year highs.