"Inflation Shock: US Stock Futures Tumble, Dow Plunges 422 Points"

US stock index futures fell after hotter-than-expected inflation data dashed hopes for a June rate cut, with Wall Street indexes tumbling on the prospect of higher-for-longer rates. The hot CPI data and hawkish-leaning minutes from the Fed’s March meeting led traders to sharply reverse expectations for a rate cut in June, with markets now pricing in a higher chance of the Fed keeping rates steady. Attention now turns to the first-quarter earnings season, with banks and BlackRock set to report earnings.