07:39 AM EDT, 05/13/2025 (MT Newswires) -- US equity futures were trending lower on Tuesday as investors turned their attention to a key inflation report, a day after the US and China agreed to suspend most tariffs on each other's goods.

The S&P 500 declined 0.3%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq decreased 0.4% in premarket activity. The indexes finished the previous trading session higher, notching their biggest daily percentage gains since April 9.

The US and China on Monday reached an agreement on a 90-day suspension of reciprocal duties following their talks in Switzerland. The two countries had been in a trade war since President Donald Trump's announcement of sweeping new tariffs early last month.

The consumer price index report for April is scheduled for an 8:30 am ET release. Government data are expected to show that consumer inflation rose 0.3% sequentially and climbed 2.4% annually last month, according to a Bloomberg-compiled consensus. The metric unexpectedly turned negative in March, its first monthly decline since May 2020. The latest report is expected to show the first clear signs of potential inflationary impact of Trump's tariffs.

"If the lower tariffs stick, subsequent rallies in equity markets and improved consumer sentiment will support spending, and we'd expect a smaller rise in inflation and unemployment," Oxford Economics Associate Economist Grace Zwemmer said in a Monday note.

The National Federation of Independent Business small business optimism index on Tuesday posted a 1.6-point decline in April to 95.8.

US Treasury yields moved down in premarket action, with the two-year rate decreasing 2.1 basis points to 3.98% and the 10-year rate slipping 0.1 basis point to 4.45%.

Shares of Coinbase Global ( COIN ) jumped 9.3% pre-bell, with the cryptocurrency trading platform set to join the S&P 500, effective May 19. Hertz Global ( HTZ ) dropped 7.1% as the car rental company reported a larger-than-expected first-quarter loss.

Sea (SE), JD.com ( JD ) , On Holding ( ONON ) , Tencent Music Entertainment ( TME ) , CyberArk Software ( CYBR ) and Under Armour ( UAA ) are set to report their latest financial results before the bell, among others.

West Texas Intermediate crude oil gained 0.8% to $62.42 a barrel before the opening bell. Gold rose 1% to $3,260 per troy ounce, while bitcoin advanced 1.6% to $103,437.