US stock index futures fell modestly, with S&P 500 futures down 0.1% to 7,419.25 and Nasdaq futures down 0.16% to 29,124.75.
April CPI rose above expectations, highest since May 2023, with core CPI also accelerating due to higher oil and gas prices.
The CPI surprise sparked speculation of a Fed rate hike later this year, though most expect rates to stay unchanged through 2026.
US‑Iran tensions, with Trump's naval blockade remarks and possible combat resumption, weighed on markets as he prepares a three‑day China visit.