S&P 500 futures were lower early Friday, with traders looking ahead to more earnings reports and economic data after a losing session driven by hotter-than-expected inflation data.

S&P 500 futures shed 0.32%, while Nasdaq-100 futures dropped 1.18%. Dow Jones Industrial Average futures added 0.3%, or 157 points.

Big tech stocks mostly fell in premarket trading. Apple, Netflix up within 1%; Palantir, Amazon, Meta, Broadcom, Alphabet, Tesla down over 1%; Nvidia, Oracle down nearly 2%.

Cloud computing shares dropped in premarket trading. CoreWeave down over 5%; HPE, Nebius, Hut 8, IREN down around 3%; Riot Platforms, Alibaba down over 2%.

There are growing concerns that the Federal Reserve could tighten monetary policy more aggressively before year-end, after new data showed consumer prices in September rose faster than expected on a year-over-year basis.

“Inflation is cooking with gas,” said Jamie Cox, managing partner for Harris Financial Group. “It is abundantly clear where the inflation impulse originates, but two wars need to end before we get any relief. The Federal Reserve made the mistake of calling Covid era inflation transitory, and now it appears they are set to make the same mistake in reverse on the energy supply shock.”

Investors will get more inflation data on Thursday, with the September reading on producer prices due out at 8:30 a.m. ET. New retail sales figures and weekly jobless claims are also slated for release at that time.