*U.S. STOCK FUTURES DROP AHEAD OF KEY U.S. INFLATION REPORT AS DEBT CEILING WORRIES LINGER $DIA $SPY $QQQ 🇺🇸🇺🇸
PayPal Holdings dropped 4.5% after a cut to its outlook for annual adjusted operating margin overshadowed its profit forecast raise.
Apart from earnings reports, attention will be on inflation data on Wednesday, which is expected to show the Labor Department's consumer price index likely climbed 0.4% in April after gaining 0.1% in March. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week.
Such data points will be scrutinized by investors to gauge whether the Federal Reserve's aggressive tightening cycle - including its most recent 25 basis point increase to interest rates last week - is helping bring down inflation. Markets also cautiously awaited an update on a debt ceiling meeting as U.S. President Joe Biden meets Republican House Speaker Kevin McCarthy and other congressional leaders at the White House.Regional bank stocks, which enjoyed a short-lived bounce before ending the previous session lower, extended their falls to another day. Shares of Pacwest Bancorp (NASDAQ:
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