U.S. stock futures were relatively unchanged on Tuesday night as heightened inflation fears following the release of fresh economic data led to a losing trading day on Wall Street.

S&P 500 futures, along with Nasdaq 100 futures, traded around the flatline. Futures tied to the Dow Jones Industrial Average were also flat.

Stocks were under pressure during Tuesday’s regular session, as all three major averages finished solidly in the red on the heels of new data on the state of the U.S. services industry. For December, the Institute for Supply Management’s services index showed an acceleration of activity in the space.

That said, the ISM reading also showed an increase in prices on the month, fanning concerns around stubborn inflation and raising questions around this year’s trajectory of interest rate cuts from the Federal Reserve. According to the CME’s FedWatch tool, fed funds futures trading data reflect a nearly 94% chance of no reductions at the central bank’s meeting this month.

On Tuesday, the Nasdaq Composite led the pack in losses, dropping nearly 2%. The broad market S&P 500 and blue-chip Dow Jones Industrial Average, which slid more than 1% and around 0.4%, respectively.

Nvidia led the selloff in tech in the session, falling more than 6%. On Monday, the chip giant unveiled its new gaming chips for PCs that use its Blackwell architecture. Others like Tesla and Meta Platforms tumbled around 4% and nearly 2%.

The December ISM data also spurred a spike in Treasury yields Tuesday, sending the rate on the benchmark 10-year note to an intraday high of 4.699%. That marks its highest level since April.

Ayako Yoshioka, a portfolio consulting director at Wealth Enhancement Group, thinks the positive story for the market is still intact for 2025, even if the path to “decent” returns is more volatile, as she expects.

“We have so many different crosscurrents, whether it’s on the growth side, the inflation side, policy changes,” Yoshioka said Tuesday on CNBC’s “Closing Bell.” “Those are going to probably rattle markets at times, but I think they’re going to be overall just buying opportunities in the long term.”

Investors are now looking ahead to the ADP private payrolls report and jobless claims data. Both are due Wednesday morning. Minutes from the Fed’s December meeting are due out at 2 p.m. ET.