On Wednesday, as investors awaited retail sales data, U.S. stock index futures declined amid concerns that high inflation and a tight job market would put the Federal Reserve on track for more interest rate increases this year.

Data on Tuesday revealed that U.S. consumer prices increased in January, raising predictions that the Fed will increase the policy rate at least twice more this year to the 5%-5.25% level. As a result, the benchmark S&P 500 experienced weakness.

The consumer price index increased 6.4% last month compared to the same month last year, which is still a significant improvement over the Fed’s target rate of 2% but a slowdown from the previous year’s explosive rate.

Retail sales data, which are expected at 8:30 a.m. ET, will now be the focus as concerns about slowing economic growth and high inflation are raised.

U.S. retail sales are expected to have risen 1.8% in January, as per a Reuters poll, after falling more than anticipated in December.

S&P 500 was down 6.75 points, the Nasdaq 100 was down 19.75 points, and the Dow was down 36 points, or 0.11%.

After Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) Inc reduced its interest in the chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC) shares listed on the NYSE fell 5.7% in premarket trade.

Shares of Airbnb Inc. and Tripadvisor Inc. increased by more than 9% each after the businesses reported earnings that were above expectations because of the strong travel demand.

The stock of ketchup manufacturer Kraft Heinz (NASDAQ:KHC) increased 1.3% after exceeding quarterly sales projections thanks to strong demand for its packaged meals and condiments despite high prices.

Due to high demand for its medicine Spinraza, which treats spinal muscular atrophy, Biogen Inc. (NASDAQ:BIIB) increased 1.4% after above analysts’ expectations for quarterly results.

According to Refinitiv as of Friday, around 70% of S&P 500 companies that have released results so far have outperformed profit projections.

However, analysts estimate fourth-quarter earnings fell 2.8% from a year earlier.