Stocks Slide, Rate Cut Hopes Fade as Inflation Data Stokes Fed Fears

U.S. stock index futures fell ahead of Thursday's PPI inflation report, extending losses from Wednesday's hotter-than-expected CPI reading
The Fed minutes showed the central bank needs more evidence that inflation is easing before considering rate cuts
Traders sharply reduced expectations for a June rate cut after the CPI and Fed minutes
Earnings season kicks off with Delta and reports due from Constellation Brands, CarMax, Fastenal before the bell
Oil prices slipped after a larger-than-expected build in U.S. crude inventories, though Gaza tensions threaten Middle East supplies